Europe-U.S. Diesel Flow Seen Climbing for Third Week by BrokersRob Sheridan
The flow of diesel fuel to Europe from the U.S. Gulf Coast is poised to climb for a third week, a survey of shipbrokers showed.
Traders will charter nine Medium Range tankers for loading over the two weeks to May 8, the average estimates of four shipbrokers specializing in the trade showed yesterday. That compares with eight vessels, each normally carrying about 38,000 metric tons, in last week’s survey and seven two weeks ago.
Four of the projected bookings have been arranged and the rest are anticipated, the latest survey showed. Thirty tankers will be seeking cargoes, one more than last week, according to the shipbrokers.
The survey is based on the Houston-to-Amsterdam route, a benchmark for the trade that takes about 17 days at 12.5 knots, according to the sea-distances.com website. Costs to haul diesel to Europe declined 19 percent to 72.86 industry-standard Worldscale points since the start of January, according to the Baltic Exchange in London.
The table below details numbers of ships booked, likely to be hired and available for charter for the two weeks from the stated dates.
*T April 24 April 17 Change Ships Hired 4 5 -20% Ships Probably Hired 5 3 +67% Total Hired 9 8 +13% Available Ships, U.S.-Europe 30 29 +3.4% *T