Prompt space has tightened in the U.S. Gulf due to a slight upsurge in demand. Most European routes remain overtonnaged, and rates are under further downward pressure. Asia is the pick of the bunch and is the preferred location to keep ships.
U.S. Gulf of Mexico
There has been a bit of a run on July space from the U.S. Gulf. Transatlantic eastbound scooped up a number of ships, chiefly with styrene, the rates for which are in the mid $40s per ton for 5,000 ton lots out of Houston. Ethanol is again showing up on some routes, even into Brazil but also to Europe and to Asia. There is overcapacity of ethanol production in the United States right now, and there is a good chance we will see more of it on the shipping lists.
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