The week closed positively for the US Gulf shipping market, with extra stems for second-half August dates making owners more bullish, according to Platts.
However, this was not enough to usher any changes with respect to rates, as they are still at the same level due to excess tonnage.
“Despite the positive market sentiment, rates were unchanged due to a long tonnage list, sources said. The rate from US Gulf Coast to ARA (Amsterdam-Rotterdam-Antwerp), basis 50,000 mt was assessed by Platts as unchanged at $8,500/d,” Platts said.
According to shipping sources cited by Platts, hope lies in trans-Atlantic petcoke and grain stems coming out for mid-late August dates that should bring in higher rates.
On the other hand, prospects do not look so promising for East Coast South America, since, as explained by shipping sources “Supramax grain and soybean stems to UK Continent are very thin.”
Press Release, August 4, 2014