US Gulf to Asia chemical freight rates rise again on tight space

11 October 2013 21:09  [Source: ICIS news]

HOUSTON (ICIS)--US Gulf to Asia chemical freight rates rose $5-10/tonne (€4-7/tonne) this week on tight space, brokers said on Friday.

Rates increased on shipments of 5,000 tonnes to $85-90/tonne from $80-85/tonne previously.

On 2,000-tonne shipments, rates rose to $105-115/tonne from $100-105 previous.

It was the fifth increase on that route since late June. Previous hikes stemmed from heavy styrene and aromatics traffic, but the latest report from Odin Marine Group noted that benzene and styrene has quit moving.

However, Odin said vessel traffic has broadened to include EDC, phenol and ethanol going to India, China and the Philippines.

“Prompt tonnage is very tight, with all ships heading to Asia fully booked,” Odin said, adding that space was still available for the end of October and early November.

“Historically speaking, Q4 is a strong freight market,” Odin said. “The general speculation is that firm freight (rates) will continue through the end of the year.”

($1 = €0.74)



By: Lane Kelley
+1 713 525 2653

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