Spot rates for US chemical tankers ex-US Gulf surged this week as the conflict in the Middle East has tightened chemical supply in Europe and has caused a shortage of space in the US Gulf-to-Europe trade lane, while Asia-US container rates edged higher as the conflicts impact on container shipping is a rapidly evolving situation and uncertainty remains massive.

CHEM TANKER RATES SOAR

The US chemical tanker market rose again for another week as most trade lanes have pushed higher, amid the ongoing tight tonnage situation which has caused rates to soar.

For the US Gulf to South America trade lane, rates are steady as traders are seeking space for Brazil and focused on COA (contract of affreightment) deals. However, higher freight prices seem to be contributing to the softening of spot transactions as many deals fell through due to the higher rates.

On the USG to ARA trade lane, the market was active this week as the ongoing tight tonnage situation for March/April is causing freight rates to surge, especially for smaller parcels.

The market has seen a wide variety of inquiries such as methanol, glycols, styrene, base oils and various chemicals round out the demand leading to higher rates, but only a handful of cargoes are known to be fixed.

For the USG to Asia, space also remains extremely tight as most owners are opting to maximize COA…