European shipping rates remain steady in mid-July, but market activity has slowed, sources said.

Rates for moving 2,000 tonnes of easy chemicals from Rotterdam to the west coast of Italy are assessed at $63-66/tonne.

One northwest European broker said that vessels are still well-employed, with previously fixed business, but added that generally the market has eased off this week. It felt that increases in open vessel space could be seen in coming weeks.

The broker added that this decline in activity is not unexpected. It is normal for activity in the European market to slow during the summer as a result of increased vacation levels, and many plants utilising the quieter period for routine maintenance and outages.

In the Mediterranean, sources have been largely unavailable for comment, however one broker described activity in the region as “dreadful”. Sources also said that the Mediterranean market was slowing, with a number of spot positions opening.

Shipping global market outlook….

Europe: The European shipping market tends to experience quieter levels of activity throughout the summer months, with participants absent from the market due to summer holidays.

However, vessels could remain well-employed, as participants are said to have booked vessels in advance of their summer holiday vacation.

Asia: Freight rates for cargoes loading out of the Middle East are expected to remain stable-to-firm as loading and discharging delays at some regional ports, coupled with a strong demand to move chemical products ahead of the Eid El Fitr holidays, would help bolster freight rates.