Bloomberg News

Europe-U.S. Gasoline Seen Near 10-Month High in Shipping Survey

August 16, 2012

The flow of European gasoline to the U.S. is poised to rise to an almost 10-month high, according to a survey of people directly involved in arranging cargoes.

Traders booked or plan to book 34 Medium-Range tankers, each hauling about 37,000 metric tons of the fuel, for loading in the next two weeks, according to the Bloomberg News survey of five shipbrokers and a trader yesterday and today. That would be the most since Oct. 27 and compares with 21 a week ago.

Of the 34 charters, 18 were already organized and 16 are likely to happen, according to the survey. There are 30 MR tankers that can load the gasoline, compared with 36 last week.

The survey is based on the industry’s so-called TC2 trade, a designation for cargoes to New York from Rotterdam that’s published by the Baltic Exchange, the London-based shipping bourse. Freight costs on the route climbed for an eighth consecutive session yesterday, advancing 5 percent to 124.38 Worldscale points, according to the exchange.

The rate means costs are 24.38 percent higher than a nominal dollars-per-ton flat rate assigned to the route from January by the Worldscale Association.

To contact the reporter on this story: Alaric Nightingale in London at anightingal1@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net


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