Transatlantic eastbound rates fall

HOUSTON (ICIS)–Transatlantic eastbound chemical freight rates dropped slightly this week on a continued lull in the spot market, brokers said on Friday.

It was the second drop in as many weeks.

The latest SSY Base Oil Shipping Report noted that eastbound rates “took a tumble over the past week or two thanks to an injection of fresh tonnage.”

SPI Marine’s most recent weekly report said the lull might signal a bigger slowdown and “embolden charterers to believe the beginning of a weakened state has just begun”.

Freight charges on 2,000-tonne cargoes fell to $82-87/tonne from $85-90/tonne previously. And 5,000-tonne cargoes slipped to $63-68/tonne from $64-69/tonne previously.

The transatlantic eastbound leg remains by far the strongest shipping route in the Americas, though.

Much of the traffic includes chemical tankers headed from Houston to the port complex of Amsterdam, Rotterdam and Antwerp (ARA).