Even with the extended holiday weekend, European and Baltic markets saw enquiries over the past week, an encouraging sign. Elsewhere, the oversupply of tonnage continues to drag rates down in Asia, India and the Middle East Gulf. The United States remains snug on space, with stable rates, though with bunkers seeing some recent increases, this bears watching.
U.S. Gulf of Mexico
Space is generally seen as tight regardless of trade lane, with the U.S. Gulf-to-Asia and U.S. Gulf-to-Europe routes continuing to be snug. While spot activity has not been seen in abundance, some of the slack space in the U.S. Gulf, Caribbean, and east coast of South America appears to have been taken up with the increase of ethanol from Brazil and the continued shipments of biodiesel from the Plate to Northwest Europe and Mediterranean destinations.