The spot market enjoyed a busier week in terms of cargoes quoted, but the overhang of tonnage, especially in Europe and the United States, means that there are still ships left behind without work. Possibly the most successful of regions has been Middle East Gulf to India, where demand continues to recover.
U.S. Gulf of Mexico
There has been a fresh injection of aromatics cargoes from the U.S. Gulf to Northwest Europe, but it has not been sufficient to stop rates from sliding by another couple of dollars. One of the problems has been that the other major trade lanes out of the U.S. Gulf have slowed to a crawl, and ships that might take cargo to South America, for example, have resorted to trading on the transatlantic route instead.