“Markets March 2020.”
Latest Market Update
ASIA – … “The impact on the NE Asia market is most noticeable. Although China seems to have gotten a grip on the virus as the country tries to steadily get back to normal day-to-day life, demand for chemicals is still down and as a result ullage is still an issue. This combined with low oil prices that has dragged commodity prices down as well.
The Middle East is also feeling the pressure of this downturn, however the CPP market has been holding up, with cross-AG rates for MRs a lot firmer. Despite the additional pressure, Owners remain bullish as there are not as many open positions here as in other trade lanes, and even though activity has slowed, volumes are still substantial.
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