Diesel Cargoes to Europe Climb for Second Week in Broker SurveyAlaric Nightingale
The number of tankers shipping diesel fuel to Europe from the U.S. Gulf Coast in the next 14 days is poised to climb for a second consecutive week, according to a survey of shipbrokers.
Traders will charter eight vessels, which normally carry 38,000 metric tons of cargo each, for loading in the two-week period, according to the average estimates of four shipbrokers who all specialize in the trade. That compares with seven in the week-ago survey.
Low-sulfur diesel in the Gulf of Mexico fell 7.6 percent to $2.76 a gallon this year, according to data compiled by Bloomberg. Costs to ship the fuel to Europe declined 21 percent to 71.07 industry-standard Worldscale points since the start of January, according to the Baltic Exchange in London.
The survey, conducted April 17, is based on the Houston-to-Amsterdam route, a benchmark for the trade. The voyage takes about 17 days at 12.5 knots, according to the sea-distances.com website. The table below details numbers of ships booked, likely to be hired and available for charter for the two weeks after the stated dates.
*T April 17 April 10 Ships Hired 5 3 Ships Probably Hired 3 4 Total Hired 8 7 Available Ships, U.S.-Europe 29 32 *T