US transatlantic rates rise on small cargo traffic

Lane Kelley

15-Jan-2016

HOUSTON (ICIS)–Transatlantic eastbound chemical freight rates turned upward for the first time in four months this week on a flurry of cargoes to England and Europe, brokers said on Friday.

The latest SSY Base Oil Shipping Report noted a flood of cargoes carrying ethanol to Great Britain, the Baltic and Antwerp-Rotterdam-Amsterdam, plus styrene, corn oil and other chemicals.

“US Gulf-to-Europe cargo volumes multiplied throughout the week, causing January space to rapidly diminish,” said the SSY report.

Freight rates moved higher only on cargoes of 2,000 tonnes or less, to 80-$85/tonne, from $75-80 previously. Charges on 5,000-tonne shipments held steady at $55-60/tonne.

Freight rates on the transatlantic had not changed since mid-September.

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