ME Gulf eastbound rates could fall further
14 August 2020
15kt ME Gulf/M. China freights declining since June
15kt ME Gulf/ M.China freights fell 19% MoM in July, which was in line with Eastport Research and Strategy’s forecasts. Activity remained slow in this trade lane while the unplanned shutdown of Zagros Petrochemical’s methanol plant in Iran further reduced cargo movement. Ample space and sluggish demand could weigh on ME Gulf eastbound rates in August. 15kt ME Gulf/ M.China freights dropped USD1 last week.