Over the past month the shipping market overall has weakened. More tonnage is available in all the key trading areas, including Europe, the Americas and even in Asia. Freights stopped rising several weeks back, and some routes are now seeing reductions.
U.S. Gulf of Mexico
The amount of open tonnage in the U.S. Gulf has been growing steadily over the past few weeks to the stage that it is no longer a problem to locate shipping space on any trade lane. We still see a degree of solidity in contractual movements, but spot demand has dwindled almost everywhere.