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Speciality Chemicals25-Apr-2025
HOUSTON (ICIS)–Rates for shipping containers
from southeast Asia and Vietnam have risen
above rates from China to the US as tariffs – and a
90-day pause on reciprocal tariffs – are
already shifting global trade patterns.
Peter Sand, chief analyst at ocean and freight
rate analytics firm Xeneta, said he is now
seeing the shifting global trade patterns
caused by the tariffs play out in ocean freight
rates.
“Falling demand out of China has coincided with
shippers rushing imports out of Vietnam, which
is subject to a 90-day pause on reciprocal
tariffs,” Sand said. “Seeing the relationship
between these two trades turn on its head is an
early indication of the potential for tariffs
to shift global trade on its axis.”
Sand, using Xeneta data, said importing into
the US West Coast from China was more expensive
than importing from Vietnam on 16 March. But by
25 April, Vietnam has become the more expensive
of the two trades, as shown in the following
chart.
In another example, the spread in rates between
China and southeast Asia trades into US West
Coast has widened from $7/FEU (40-foot
equivalent unit) on 31 March to $181/FEU on 25
April (with southeast Asia the more expensive).
“As shippers stopped or slowed exports from
China due to the tariffs, they have accelerated
exports from southeast Asia countries, which
has caused the spread in freight rates on these
trades to widen,” Sand said.
AVERAGE GLOBAL RATES TICK
LOWER
Average global container rates edged lower by
2% week on week, accord to supply chain
advisors Drewry and as shown in the following
chart.
Drewry expects rates to continue to decline in
the coming week due to uncertainty stemming
from reciprocal tariffs.
Blank sailings have surged again this week as
carriers strive to maintain rates or at least
stop the slide.
Alan Murphy, CEO of Sea-Intelligence, said the
impact of the trade war has led shippers to
pause, or outright cancel, shipments.
“This in turn reduces demand for capacity on
container vessels, to which carriers respond by
cancelling sailings,” Murphy said.
Murphy said this level of escalation in blanked
capacity illustrates a dramatic change in the
market.
“Partly from the perspective of the magnitude
of the blank sailings, which are more akin to
what we tend to see seasonally following
Chinese New Year in January/February and
Chinese Golden Week in October,” Murphy said.
Rates from online freight shipping marketplace
and platform provider Freightos also fell over
the week, with rates to both US coasts down by
5%.
Judah Levine, head of research at Freightos,
said some vessels are leaving China only half
full because of canceled orders.
Levine said some retailers have inventory from
front-loading deliveries over the past few
months and are taking a wait-and-see approach.
PORT CHARGES TARGETING CHINA-LINKED
SHIPS
Levine said revised guidelines from the
US Trade Representative (USTR) targeting
China’s dominance in the maritime industry
should not lead to the significant port call
omissions and congestion that many feared would
result from the original per port call
proposal.
Market intelligence group Linerlytica said that
although port fees on Chinese operated and
Chinese-built ships are retained, carriers will
be able to circumvent the fees by swapping out
all of the affected ships in the next 180 days
as the fee will no longer apply on the
operators’ fleet composition or prospective
orders but only on ships calling at US ports on
a per voyage basis.
Container ships and costs for shipping
containers are relevant to the chemical
industry because while most chemicals are
liquids and are shipped in tankers, container
ships transport polymers, such as polyethylene
(PE) and polypropylene (PP), are shipped in
pellets. Titanium dioxide (TiO2) is also
shipped in containers.
They also transport liquid chemicals in
isotanks.
LIQUID TANKER RATES HOLD
STEADY
US chemical tanker freight rates assessed by
ICIS were steady this week with rates
remaining unchanged from last week despite
rates continuing to be pressured downward for
several trade lanes.
There is downward pressure on rates along the
USG-Asia trade lane as charterers are still in
wait-and-see mode, and besides contract of
affreightment (COA) cargoes there is very
little seen in the market.
The tariffs and uncertainty continue to dampen
the spot market, weighing on rates. The usual
spot cargoes of methanol from Jose to China are
the only ones reported, leaving methanol
requirements from the region active to Asia.
Similarly, rates from the USG to ARA and all
other trade lanes also held steady. The
spot market to Europe gained momentum with a
relatively good number of inquiries following
the Easter holidays. Despite the
increased interest rates remain unchanged as
the clean petroleum products (CPP) market
continues to remain soft, leaving those vessels
to participate in the chemical sector.
From the USG to Brazil, this trade lane had
seen more inquiries, but there is plenty of
available space for May lending downward
pressure to spot rates and leaving most owners
still trying to fill up prompt part space to
both South American coasts for 1H May. Rates
are soft and have lost some ground.
The USG to India route has seen an uptick in
inquiries over the last week with no confirmed
fixtures. Market talk of a trade deal between
the US and India have sparked some interest
leaving the rates flat for the time being and
expected to remain unchanged in the near term.
With additional reporting by Kevin
Callahan
Visit the US
tariffs, policy – impact on chemicals and
energy topic page
Visit the Logistics: Impact on
chemicals and energy topic page
Recycled Polyethylene Terephthalate25-Apr-2025
LONDON (ICIS)–Senior editor for recycling Matt
Tudball discusses the latest developments in
the European recycled polyethylene
terephthalate (R-PET) market, including:
Upwards pressure on NWE colourless bales,
colourless and mixed coloured flake
Buyers in eastern Europe seek lower bale
prices
Asian food-grade pellet imports cheaper on
weaker dollar
Polyethylene Terephthalate25-Apr-2025
SINGAPORE (ICIS)–A subsidiary of Sweden-based
fashion retailer H&M, Syre, has announced a
Memorandum of Understanding (MoU) with Binh
Dinh province in Vietnam to build a circular
textile recycling plant, the company said on
Friday.
Syre, a joint venture between H&M and
technology investment firm Vargas, announced
plans to build a Gigascale recycling plant in
Binh Dinh, which will produce up to
250,000 tonnes of high-quality polyethylene
terephthalate (PET) chips from textile waste.
“Syre has an ambition to support Vietnam in its
green transition and as a global leader in the
circular textile industry,” said Dennis
Nobelius, CEO of Syre.
“The partnership with the Binh Dinh Province
will, with the right conditions in place, be a
great opportunity to jointly lead the textile
shift,” Nobelius added.
Investment details have not been finalized,
Nobelius said.
“Binh Dinh offers an excellent investment
environment, being a hub for clean energy …
with synchronized infrastructure … and
favorable climate conditions,” said Vietnam
Prime Minister Pham Minh Chinh on 23 April.
Syre is a circular textile-to-textile recycling
firm with one plant in North Carolina in the US
under construction, to be operational in
mid-2025.
The North Carolina plant will have a capacity
of up to 10,000 tonnes/year of circular
polyester.
In 2024, Syre raised $100 million in funds to
construct its plants in North Carolina and
other locations such as Vietnam.

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Ammonia25-Apr-2025
SINGAPORE (ICIS)–Canadian ammonia exports are
exempted from the prohibitively high
levy imposed on Canadian exports to the US,
thanks to the US-Mexico-Canada trade agreement.
However, the trade tensions would inevitably
motivate Canada to be less reliant on its
closest neighbour market and accelerate
diversification of its ammonia exports to Asia
from the Prince Rupert Port in western Canada.
Stronger push for Canada to diversify
ammonia exports despite US tariff exemption
Prince Rupert Port – an emerging low carbon
ammonia export and bunkering hub
US Gulf Coast low carbon ammonia projects
to face strong competition
Prince Rupert Port has the shortest shipping
distances between North America and Asia hence
its direct shipping route to Asia stands to
undermine the competitiveness of low carbon
ammonia exports from the US Gulf Coast.
Besides comparatively longer shipping
distances, shipments from the US Gulf Coast to
Asia have also been faced with seasonal
congestions at the Panama Canal.
Key industry stakeholders in Japan and South
Korea have been in talks with US companies to
jointly produce low carbon ammonia in the
US Gulf Coast States of Texas and Louisiana for
export to Asia.
Among the announced US projects, the
joint venture between Japan’s largest
energy company JERA Company (JERA), global
investment and trading company Mitsui &
Company and US fertilizer producer CF
Industries have progressed to Final Investment
Decision.
The first ammonia exports from Prince Rupert
Port to Asia are likely to be low carbon trades
spearheaded by two of Japan’s largest trading
houses
Itochu and
Marubeni.
Low carbon ammonia exports from Prince Rupert
Port would position Canada as a key stakeholder
in an emerging low carbon commodity ecosystem
comprising major bunkering hubs such as
Amsterdam, Algeciras, Singapore and Port Zayed,
key exporters including the UAE, Saudi Arabia,
Qatar, Oman, Egypt, India, Malaysia, Thailand,
Indonesia, Australia and the US, and importers
including countries in Europe, Japan and South
Korea (please see map below).
Note: Includes proposed and ongoing
investments
Low carbon ammonia supplies via the Prince
Rupert Port will also facilitate development of
a low carbon marine fuel bunkering service that
could potentially be in direct competition with
the proposed low carbon bunkering services at
the US ports of Los Angeles and Long Beach.
Demand for low carbon ammonia bunker fuels on
the US west coast is expected to be driven by
car-carrying vessels calling at Port Bernicia
and container vessels at Port Oakland.
The Canadian government has been inviting
foreign investments to develop a new liquid
chemicals export route from the Prince Rupert
Port as the port has been seeing declining
trades volumes in recent years due to shifting
global trade flows and competition with other
North American ports.
AltaGas and Royal Vopak are
jointly building an export facility on the
Ridley Island, British Columbia, that includes
a large-scale liquefied petroleum gas (LPG) and
bulk liquids terminal with rail, logistics and
marine infrastructure.
As vessels can be configured to alternate
between LPG and ammonia cargoes, ammonia can be
one of the outbound trades to benefit from the
export facility at Ridley Island.
While diversifying overseas markets to pre-empt
risks, including tariff or non-tariff trade
barriers, would make sense for any exporters,
it is particularly crucial for ammonia
producers as stringent safety standards for the
transportation and handling of ammonia means
alternative export channels are not easily set
up.
Canada exported about 1.08 million tonnes of
ammonia to the US last year, around 19% of its
total annual ammonia capacity of about 5.62m
tonnes, and almost all Canadian ammonia exports
have been for the US market at least since
2020, according to the ICIS Supply and Demand
database.
With contributions from Kieran Cosgrove,
Song Hea Beom and Sylvia Traganida
INSIGHT article by Chow Bee
Lin
Liquefied Petroleum Gas25-Apr-2025
SINGAPORE (ICIS)–China is considering
exempting some chemical imports from the US,
including ethane, polyethylene (PE) and styrene
polymers, from tariffs, according to an
unofficial document obtained by ICIS on Friday.
Based on the document titled “First Batch List
of Reciprocal Tariff Exempted Commodities”,
ethane, other acyclic hydrocarbons, linear
low-density PE (LLDPE) imports from the US,
will be exempted from China’s announced
additional 125% levies.
Other proposed exemptions are PE, ethylene
polymers and styrene polymers in their primary
shapes.
The itemized list has 131 products, including
drugs, vaccines, motors and some electronic
components.
The list, which started making rounds in the
Chinese markets late on 24 April, could not be
confirmed with China Customs at the time of
writing.
Additional reporting by Fanny Zhang
Visit the ICIS Topic Page: US tariffs,
policy – impact on chemicals and energy.
Fatty Alcohols25-Apr-2025
SINGAPORE (ICIS)–Two fatty alcohol plants in
Selangor in the western coast of Malaysia are
shut for nearly a month due to disruption of
gas supply caused by a pipeline fire in the
area on 1 April, market sources said on Friday.
Edenor Technology’s 80,000 tonne/year fatty
alcohol plant and KLK OLEO’s 300,000 tonne/year
plant suffered unplanned outages because of the
incident, they said.
According to gas distributor Gas Malaysia
Energy Services (GMES), gas supplies to a total
of 192 plants in Selangor were cut off after a
blaze raged at PETRONAS Gas Bhd’s (PGB) main
pipeline near Putra Heights for more than seven
hours on 1 April,
Edenor Technology, in a letter to its clients
dated 22 April obtained by ICIS, said that the
push-back of gas supply restoration in Selangor
“has further affected our production facility
in Telok Panglima Garang … and it will lead to
further delays in some of our upcoming
deliveries”.
Edenor stated that gas distributor GMES
indicated that full restoration of natural gas
supply will be delayed to 1 July from an
earlier estimate of 20 April.
Meanwhile, KLK OLEO, the oleochemicals
manufacturing division of Kuala Lumpur Kepong
Berhad (KLK), has yet to respond to ICIS’
queries on the issue at the time of writing.
Polyethylene Terephthalate24-Apr-2025
SAO PAULO (ICIS)–Mexico’s chemicals fortunes
seem to be turning for the better after the
country was spared from the most punitive US’
import taxes, according to an executive at
chemicals distributor major Ravago’s Mexican
subsidiary.
Pedro Escalona, sales director at Entecresins
Mexico, said demand for most polymers has
notably picked up in the past weeks, with order
which were on hold now flowing to more
optimistic customers.
Among the main polymers, only polypropylene
(PP) remains in the doldrums, said Escalona,
haunted by low prices for the monomer.
Overall though sentiment is on the up and has
been so especially since 2 April, when the
US
announced sweeping tariffs but spared its
trade partners within the USMCA free trade
zone, Mexico and Canada.
Prior tariffs in some sectors, however, remain,
and Escalona said automotive seems for now the
most problematic sector.
“For the rest, people seem to start assuming
Mexico will be spared from the worst possible
scenario,” said Escalona.
WHAT ONE MONTH CAN
CHANGESpeaking to Escalona,
practically everything seems to have changed in
one month, with exception of PP.
In an interview with ICIS
during the plastics trade fair Plastimagen in
Mexico City in mid-March, the Entec executive
painted a doom-and-gloom picture of both
chemicals and wider manufacturing, with falling
prices and domestic and overseas woes mounting.
As of Thursday, 24 April, this is what he had
to say:
“Even a month ago, or even less, even two weeks
ago, there were a lot of people holding orders,
saying they were unsure whether they would need
the product for May, or even for June. Some
large clients, while not cancelling any orders,
were starting to say they may need to lower
consumption going forward,” said Escalona.
“But in the last few weeks, there is more
confidence in general, and people are already
confident in going out to make purchases.
Everyone seems to be more optimistic in that we
don’t think anything will finally happen that
will significantly affect Mexico’s economy.”
A stone on the positive story, however, remains
the large, petrochemicals intensive automotive
sector on which US President Donald Trump had
imposed tariffs prior to 2 April. Analysts have
said the tariffs, in their current form, could
greatly dent the sector’s
competitiveness.
But sources in chemicals remain optimistic
Mexico could use this chance to increase its USMCA
compliance, mostly related to rules of
origin which would at the same increase its
manufacturing stance and integrate it even more
with the US economy.
As the US tries to contain China’s formidable
rise in global supply chains, other sources
have said the US would shoot itself on the foot
going against Canada and Mexico, economies
which are now well integrated within the North
American free trade zone. The battle should be,
they said, North
America as a block versus the other large
trading blocs.
“Automotive still has over its head a lot of
uncertainty, because there are some issues that
haven’t been fully defined yet regarding
automotive components. That’s the only one that
still has some uncertainty,” said Escalona.
“Demand is not the best it could be, but it is
not too bad either. PP is still suffering from
low prices for the monomer, which is expected
to fall further. But for the rest of plastics,
PE [polyethylene], PS [polystyrene], and for
PET [polyethylene terephthalate] there has been
some notable price rises.”
Escalona said that US companies must have done
their important bit of lobbying to the Trump
administration about how harming tariffs on
Mexico could be for them, as well.
The absence of Mexico and Canada on the board
Trump exhibited on 2 April quickly raised the
prospects that, behind the scenes,
renegotiation of the USMCA deal is well
underway, an assessment Escalona deemed
possible.
But equally, he said there may be starting to
be a realization within the Trump
administration that punitive, sudden import
tariffs to certain countries – not least China
– would deprive the US of key markets it needs
to sell materials of which it is oversupplied.
“[Very punitive tariffs on Mexico] Just wasn’t
convenient for the US. We’ll need to see what
happens, but I think the US is also going to
have to sit down and negotiate with China. The
US is full of raw materials it exports to China
– monomers such ethane, propane, benzene…
That’s why prices are falling,” said Escalona.
“There are many things they plan for, and the
initial strategy was to renegotiate with
tariffs as a pressure measure. But clearly,
they are going to have to reconsider this and
fine-tune several aspects.”
DOMESTIC FRONT: LESS
OPTIMISMWhile most analysts
think Mexico has done good progress on issues
key for Trump, such migration at the border and
stricter measures to control fentanyl trade – a
powerful drug which has caused havoc across the
US – the domestic policies of President Claudia
Sheinbaum remain a red flag for many chemicals
players.
With a declared intention to expand the welfare
state, Mexico may be turning into the ‘nanny
state’ which does not incentivize
competitiveness, some
sources said at Plastimagen.
Moreover, fiscal policy has been loose under
Sheinbaum’s predecessor, also from the
left-leaning Morena party. The expansion in the
welfare state was mostly funded by debt, and
fiscal deficits were recurrent.
Sheinbaum has promised to remedy that and seems
more open to the necessary private investments
needed in Mexico to propel it to be a key part
in the nearshoring trend – North American
companies bringing manufacturing facilities
closer to home.
But Sheinbaum has ploughed through other
measures in parliament which are worrying
business.
Thanks to the supermajority of two thirds of
seats in Parliament voters granted Morena in
June 2024 – and propelled Sheinbaum to the top
with 60% of popular vote – the government
approved a judicial reform,
which most analysts agree is to weaken the rule
of law, in a country much needed of stronger
rule of law.
A key measure in the bill was that judges would
be elected by voters, which has sparked fears
the well-funded and strong organized crime will
have it easier to silence the judiciary.
Escalona, not impressed, said those elections
for judges have started and told how he feels
weird seeing advertisements by candidates on
boards or media outlets. Seeing adverts to vote
for judges clearly does not feel right, he came
to say.
“We have had plenty of politicians who were not
prepared or educated for the positions they
were chosen for. While it’s not optimal, it can
be expected in a democracy. But the job of a
judge, and in country like Mexico, is a
completely different matter,” he said.
“And, invariably, you can see all kinds of
people running to be judges. It’s tremendous.
We’ll need to see how this pans out, but
everyone seems to agree that this will weaken
the rule of law – and that is not good for
economic development and stability.”
Interview article by Jonathan
López
Clarification: Re-casts
subsidiary name in paragraph two. Entec
Polymers, as written previously, is Ravago’s
subsidiary in the US
Ethylene24-Apr-2025
HOUSTON (ICIS)–The chemical industry is facing
demand-stifling tariffs just as it is in one of
its longest downturns in decades, the CEO of
US-based Dow said on Thursday.
Dow expects Q2 sales will be about $10.4
billion, down from $10.9 billion reported in Q2
2024. The company has intensified its cost
cutting measures, announced 1,500 job cuts and
delayed its Path2Zero project in Canada.
“The reality is our industry is in one of the
most protracted down cycles in decades, facing
the third consecutive year of below 3% GDP
growth,” said Dow CEO Jim Fitterling. He made
his comments during an earnings conference
call. “This has been further exacerbated by
geopolitical and macroeconomic concerns, which
are weighing on demand globally.”
Dow highlighted tariffs, which will delay when
the chemical industry returns to mid-cycle
earnings, said Jeff Tate, Dow chief financial
officer. Those tariffs could change trade
flows, and could squeeze Dow’s margins.
Tighter margins could partially offset the
benefits from demand, which Dow still expects
will rise.
TARIFFS DELAYING PURCHASES, STIFLING
DEMANDThe tariffs have caused
customers and consumers to delay purchases,
Fitterling said.
“We’re just in an environment right now where
in the marketplace, if you look at downstream
demand, it doesn’t matter if it’s a consumer or
one of our customers or somebody in the B2B
world, they’re all just kind of taking a wait
and see approach. And that has that has an
impact on what we think the long term,” he
said. “Right now, all this activity on tariffs
is just stifling the demand.”
HIGH US MORTGAGE RATES DELAYING HOUSING
RECOVERYElevated interest rates
for home loans have made housing less
affordable for consumers. As a result, home
sales have remained depressed, and has dragged
down demand for paints, coatings, polyurethanes
and other chemical products used in house
construction.
The slump in house sales is also lowering
demand for appliances, furniture and other
durable goods because consumers tend to buy
these when they move. Fewer home sales mean
fewer moves.
Tate noted that March marked the 14th
consecutive month of year-on-year declines in
building permits.
SLOWER GROWTH IN AUTO
DEMANDGrowth in automobile
demand and the transition to electric vehicles
(EVs) are slowing, said Karen Carter, Dow chief
operating officer.
The spike that took place in the US in March
was the result of consumers making purchases
before tariffs kicked in.
China is relying on incentives to prop up its
market.
In the EU, February new car registrations fell
by their largest amount since September 2024.
PHARMACEUTICALS, DATA CENTERS REMAIN
BRIGHT SPOTSDow continues to see
pockets of growth in pharmaceuticals and data
centers. Electronics and personal care
applications have proven to be resilient end
market for the company’s Performance Materials
& Coatings segment.
Q2 OUTLOOKThe following
table summarizes Dow’s Q2 outlook.
(Thumbnail shows polyethylene, a product made
by Dow. Image by ICIS.)
Petrochemicals24-Apr-2025
MUMBAI (ICIS)–Two oil refineries will be built
in India as part of Saudi Arabia’s $100-billion
investment pledged to the south Asian nation
which would cover cooperation in multiple
areas, including energy and petrochemicals.
High-level joint task force finalizes plans
for joint cooperation in multiple sectors
Both countries to develop supply chains,
projects linked to energy sector
Green hydrogen infrastructure collaboration
plans on
The projects, which will be built in
partnership with the Indian government, and
agreements to enhance cooperation with the
world’s biggest crude exporter across various
industries were announced on 22 April, during a
state visit by Indian Prime Minister Narendra
Modi to Saudi Arabia.
Collaborations are also planned in the
pharmaceuticals, infrastructure, technology,
fintech, digital infrastructure,
telecommunications, manufacturing and health
sectors, among others, according to a statement
from the Prime Minister’s Office (PMO) of India
on 23 April.
In 2023, the two countries agreed to set up a
joint committee to expedite Saudi Arabia’s
$100-billion investments in India which was
announced in February 2019.
A high-level task force set up by the two
countries has now finalised plans in multiple
areas which will allow both countries to begin
work soon, the PMO stated.
The countries will also work towards developing
supply chains and projects linked to the energy
sector, it added.
The two nations have agreed to enhance
cooperation in the supply of crude oil and its
derivatives, including liquefied petroleum gas
(LPG), the government statement said, adding
that collaborations in the field of green
hydrogen, including developing hydrogen
transport and storage technologies, would also
be explored.
Saudi Arabia is India’s fourth largest trading
partner and is the third largest exporter of
crude oil to the south Asian country.
In the fiscal year ending March 2024, India’s
goods imports from Saudi Arabia stood at $31.4
billion, while exports to the nation were at
around $11.6 billion, official data showed.
Its major exports to Saudi Arabia include
petroleum products, engineering goods, rice,
chemicals, textiles, food products while
imports from Saudi include crude oil, liquefied
petroleum gas (LPG), fertilisers, chemicals,
plastics, among others.
RATNAGIRI MEGA REFINERY PROJECT IN
QUESTION
About seven years ago, Saudi Arabia signed a
deal with Indian refiners to build a mega
refinery and petrochemical complex in the west
coast of India, but the project hit a
snag.
The 60 million tonne/year project in the
Maharastra state which was estimated to cost $44
billion to build was supposed to be
commissioned by 2022, faced delays due to land
acquisition problems.
Opposition to the
project continues and there has been no
breakthrough in discussions with villagers in
the area.
There was no official announcement from the
central government on the fate of the proposed
Ratnagiri mega-refinery and petrochemical
project.
Maharashtra chief minister Devendra Fadnavis,
in a February 2025 interview at an Indian daily
Economic Times, had said that instead of
one mega refinery project, three small ones
will be built – one in Ratnagiri and the other
two will be in two other states in southern
India.
The refineries will each have a 20 million
tonne/year capacity, he said.
Indian petroleum minister Hardeep Singh Puri in
January this year announced plans to build
smaller refineries at different locations in
the country.
Focus article by Priya Jestin
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