Transatlantic eastbound freight rates dropped $2-3/tonne this week on thinning traffic, sources said on Friday, marking the third decline in a month.
SSYâ€™s weekly base oil shipping report noted the slippage by saying 5,000-tonne parcels are more frequently priced in the low-to-mid $60s than in the mid-to-high $60s.
â€œRates to Europe have softened a little more,â€ SSY said.
Freight charges on 5,000-tonne cargoes slipped to $60-65/tonne from $63-68/tonne previously. And 2,000-tonne cargoes fell to $80-85/tonne from $82-87/tonne previously.
The transatlantic eastbound leg remains by far the strongest shipping route in the Americas, though. Much of the traffic includes chemical tankers headed from Houston to the port complex of Amsterdam, Rotterdam and Antwerp (ARA).
A recent SPI Marine report said spot freight rates in most major trade lanes have increased over year-ago levels, with the eastbound transatlantic showing the most gain followed by the USG-South America and US Gulf to Asia routes.
The eastbound transatlantic leg has increased by 25% in the past year; the USG-South America by 6% and the USG-Asia route is up by about 12%, according to the ICIS Weekly Chemical Tanker Shipping Report.