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Freight rates for chemical shipping to Asia are expected to hover higher

March 29/2011

(ICIS) -- Freight rates for chemical shipping from the Middle East to Asia are expected to hover higher around USD 60/tonne (EUR 43/tonne) in April and May, mainly driven by the tight tonnage situation, industry sources said on Tuesday.

 

This reflects an increase of USD 5-10/tonne from January and early February, when freight rates for 10.000-15.000 tonnes of chemicals from the Middle East to northeast Asia were quoted at around USD 50-55/tonne, said two shipowners based in Dubai, United Arab Emirates.


Vessels were available at that time in the Middle East and Indian regions for prompt shipments, and were bolstered by a large number of palm oil ships arriving at the west coast of India with early-to-mid January shipments from southeast Asia.


However, stronger crude palm oil prices (CPO) in February and March led to fewer shipments of CPO from southeast Asia to the Middle East and Indian regions. This resulted in a reduction of available vessels for prompt shipments from the Middle East to Asia.


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