The market in the U.S. Gulf of Mexico has turned sloppy, causing some freights to droop. European coastal business is active, but deep-sea activity is thin. Asia has been a bit subdued over the past week.
U.S. Gulf Coast:
Generally speaking, the U.S. market has been quiet since Easter. Tonnage has begun to build up to some extent, although it has not reached the stage yet where it is causing freights to buckle. As with last week, there have been sufficient random movements that have absorbed most of the surplus space without those ships ever ending up on scheduled routes.
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Transatlantic eastbound, for example, produced just enough ethanol and styrene cargoes to keep freights in the mid $50s per ton for 5,000 ton parcels from Houston to Rotterdam.