Author: admin

ARA Freight Market: Volatile Week Ends Quietly as Rates Drift Lower

The ARA clean petroleum product (CPP) barge market saw a mixed and often contradictory week between 24 and 28 November. While midweek trading surged to one of the highest daily volumes since August, freight rate sentiment nevertheless softened, especially for light ends. Middle distillates briefly gained support midweek but ultimately trended sideways to lower by Friday.

Operational conditions were dominated by persistent terminal delays, intermittent strike disruptions in Belgium, and uneven demand between distillates and light ends, all contributing to a market that was active in pockets yet directionally weak overall.

1. Freight Rates: Firm Start, Softer Middle, Flat Finish

  • Freight rates rose modestly, especially for middle distillates, with ARA Cross Harbor up roughly €0.28, and strong deals on routes such as Flushing–Antwerp and Antwerp–Amsterdam. Light ends remained flat due to very few concluded deals.
  • Rates fell sharply across middle distillates (–€0.08 to –€0.23) and light ends (–€0.03 to –€0.08). Operators noted only minimal impact from the Antwerp strike on inland vessels, and demand was described as “not particularly strong,” especially for light ends.
  • Distillate rates rebounded on most ARA and Ghent routes (+€0.07 to +€0.09), while light-end rates remained unchanged. Some operators reported waiting times depending on sea-going vessel queues, especially prior to Albert Canal reopening.
  • Despite one of the busiest days since August, both distillate and light-end freight rates posted a clear downtick, reflecting sufficient barge availability throughout the region. Operators highlighted plentiful vessels and limited rate support despite heavy trading.
  • A very quiet session with minimal deals, keeping freight rates unchanged across all routes. Only Botlek and Antwerp showed ongoing operational delays; otherwise, no new congestion issues surfaced.

Takeaway: A week marked by up and down flat price patterns ultimately ended with rates lower than where they started, driven by light-end weakness and broad liquidity on the supply side.

2. Spot Volumes: Highly Uneven, With a Big Midweek Spike

  • 24 November: Weakest session of the month with 34.3 ktons, impacted by FAME loading delays in Antwerp and staff strikes slowing operations.
  • 25 November: Activity recovered to 63.1 ktons, supported by interest for early next-week flows.
  • 26 November: A strong day with 72 ktons, helped by improved clarity around delays and canal reopening.
  • 27 November: A major spike to 118 ktons, one of the highest trading days since August, driven by new-month preparations and strong consumer-side demand.
  • 28 November: Activity collapsed to 26.5 ktons, one of the quietest days in months, as charterers retreated ahead of the weekend.

Takeaway: The market’s volume displayed a weak start, strong middle, and abrupt drop at the end, highlighting the instability of underlying demand.

3. Product Trends: Distillates Steady but Light Ends Remain Under Pressure

Middle Distillates

  • Supported by occasional bursts of demand (notably 24, 26, and 27 November).
  • Rate recovery midweek failed to hold through week’s end.
  • Delays in FAME loading/discharging continued to distort capacity planning early in the week.

Light Ends

  • Clear, consistent rate pressure all week, highlighted by minimal deal activity on 24–26 November.
  • There were operators repeatedly reporting “calm” conditions and sufficient supply.
  • Further price declines on 25 and 27 November and more empty LE barges in the system.
  • Short-term upticks were absent, even on high-volume days like 27 November.

Takeaway: Distillates showed resilience, light ends reflected structural oversupply and muted blending demand.

4. Operational Factors: Delays Ease Slowly, Strikes Add Noise

Operational friction remained central but did not escalate:

  • Antwerp strike: Limited impact on inland barges but caused some waiting times for vessels mixed with sea-going vessel queues (25–26 November). There was a minimal disruption by 27 November.
  • Terminal delays: Early-week bottlenecks for FAME (Antwerp, CTB, Vesta Flushing) gradually improved by 26–27 November.
  • Albert Canal closure: Caused temporary rerouting challenges on 26 November before reopening at 18:00.

Takeaway: Although operational issues remained, none were severe enough to meaningfully tighten the market.

5. Market Outlook: Slight Downward Bias into Early December

  • Light ends expected to remain soft, with oversupply and weak blending demand continuing.
  • Distillates likely to remain stable to slightly weaker, as midweek strength appears to have been volume-driven rather than structural.
  • Adequate barge availability and improving terminal fluidity point toward a flat-to-soft market for early December.

Conclusion

The ARA barge market during 24–28 November was defined by high volatility in activity but an overall softening in freight sentiment. Despite a midweek surge in trading, reaching the highest volumes since summer, the increase in demand did not translate into rate support, as the region continued to experience ample barge availability and weak fundamentals, particularly for light ends. Operational disruptions such as strikes and terminal delays created daily noise but did not materially affect market balance. By Friday, freight levels across both distillates and light ends had settled into a stable but slightly lower range, leaving the market heading into December with more supply than demand and limited upward catalysts.

What’s next?

Are you ready to face your challenges head-on?

We now offer a FREE customized trial to our BargeINSIGHTS tool, an all-in-one platform for liquid bulk barge transport optimization.

With BargeINSIGHTS, you get instant insights into barge freight rates, bunker gas oil prices, water levels, vessel tracking, and barge availability—all in one place. No more time-consuming data collection; everything you need is at your fingertips.

Click here to schedule your demo and get access to BargeINSIGHTS for free!

Rhine Freight Market: Quiet Trading, Growing Barge Surplus, and Stable to Softer Rates

The Rhine CPP barge market remained remarkably subdued throughout the week of 24–28 November, with almost no freight rate movement until the final day, when Upper Rhine routes saw a slight downward adjustment. Despite high water levels and full loading capacity, spot demand remained weak, leaving operators with growing scheduling gaps and little opportunity to keep their fleets fully employed. Backwardation in gasoil futures and tepid buying interest continued to suppress chartering appetite, reinforcing a market stuck in neutral.

1. Freight Rates: Flat All Week, Then a Small Drop on Friday

  • 24 November had fully unchanged rates. No changes registered across all destinations. Gasoil backwardation and calm trading kept spot prices frozen.
  • Despite higher water levels at Maxau (approaching 600 cm), no deals prompted a shift in pricing on 25 November. Operators reported charterers postponing fixtures to next week.
  • Rates again remained unchanged by 26 November. High water levels (Maxau >600 cm) and rising Kaub levels signaled strong intakes, yet demand was too soft to move the market.
  • Even with negotiations ongoing, prices remained identical to previous reports, as weak demand and easing backwardation kept the market soft but stable.
  • By 28 November, a slight downtick occurred on Karlsruhe (–€0.75), Strasbourg (–€0.75), and Basel (–€1.59). All Lower Rhine prices remained unchanged.

Takeaway: A full week of immobility ended with mild rate declines on Upper Rhine lanes, reflecting accumulated vessel oversupply and weak inland demand.

2. Water Levels: High, Stable, and Offering Full Intakes

High water supported full loadings every day:

  • 24 November: Maxau rose from 435 cm with a forecast toward 605 cm, providing full navigability and allowing maximum intakes on all routes.
  • 25 November: Maxau remained close to 600 cm, while Kaub climbed to 316 cm, creating excellent navigation conditions throughout the Rhine system.
  • 26 November: Maxau moved further above 600 cm and Kaub was forecast to rise from 151 cm to 299 cm, ensuring uninterrupted operations with full draft capacity.
  • 27 November: Maxau shifted from 616 cm down to 416 cm and Kaub held near 252 cm; despite the downward trend, both gauges remained well within levels that support unrestricted intakes.
  • 28 November: Maxau eased from 572 cm to 520 cm and Kaub from 287 cm to 222 cm, still comfortably inside the thresholds required for full intakes along the Rhine.

Takeaway: Water levels consistently supported maximum intakes, removing hydrology as a source of rate pressure.

3. Market Activity: Calm to Silent, With Operators Struggling to Keep Fleets Busy

Spot demand remained weak throughout the period:

  • 24 November: Six deals were reported, with demand remaining limited as charterers purchased only what they deemed absolutely necessary.
  • 25 November: Three deals took place, as charterers held off for clearer water-level forecasts and showed preference for loadings scheduled early the following week.
  • 26 November: Another three deals were recorded, and operators noted growing difficulty in keeping their spot fleets fully occupied.
  • 27 November: Four deals were concluded, with negotiations continuing but more vessels becoming available for prompt loading amid persistent weak demand.
  • 28 November: Activity slowed to just two deals, with both charterers and operators largely inactive and most fleets already planned for the weekend.

Takeaway: Activity decreased steadily over the week, culminating in very low spot engagement and noticeable fleet underutilization.

4. Market Drivers: Weak Demand, Softer Backwardation, and Ample Supply

  • Backwardation weakens: The Dec–Jan gasoil spread narrowed sharply to about $14/ton by 27 November, as noted in market commentary, reducing the incentive for charterers to delay imports or hold off on stocking decisions.
  • Demand remains soft: Charterers consistently pointed to weak inland consumption and muted product demand as key reasons for limited spot activity throughout the week (24, 27, and 28 November).
  • Excess barge availability increases: Midweek observations indicated growing challenges for operators in keeping their fleets employed, highlighting a clear rise in surplus tonnage.

Takeaway: The Rhine market is well-supplied with barges, keeping freight rates under pressure.

5. Outlook: Potential Downward Pressure if Water Levels Fall

With water levels forecast to gradually decline (especially at Maxau and Kaub), some intake restrictions could emerge in early December. However, unless demand increases meaningfully, the freight market is more likely to see further softening than tightening.

Conclusion

During the week of 24–28 November, the Rhine barge freight market remained exceptionally quiet, with freight rates frozen for four consecutive sessions before slipping slightly on Upper Rhine routes at the end of the week. High water levels ensured full intakes across all destinations, but spot demand remained weak, weighed down by subdued inland consumption and soft backwardation in gasoil markets. As operators struggled to keep their fleets sufficiently employed and more barges became available for prompt loading, charterers showed little urgency to book additional tonnage. Together, these dynamics produced a stable but softening environment, leaving the Rhine market directionless and vulnerable to further rate erosion heading into December.

What’s next?

Are you ready to face your challenges head-on?

We now offer a FREE customized trial to our BargeINSIGHTS tool, an all-in-one platform for liquid bulk barge transport optimization.

With BargeINSIGHTS, you get instant insights into barge freight rates, bunker gas oil prices, water levels, vessel tracking, and barge availability—all in one place. No more time-consuming data collection; everything you need is at your fingertips.

Click here to schedule your demo and get access to BargeINSIGHTS for free!

ARA Freight Market: Light Ends Under Heavy Pressure While Distillates Hold Firm

The ARA clean petroleum product (CPP) barge market experienced softening freight rates, weak light-end demand, and persistent scheduling disruptions during the week of 17–21 November. Freight levels for middle distillates remained broadly stable, whereas light ends saw significant downward pressure, particularly toward the end of the week as more tonnage became available and delays eased at several terminals.

Spot market activity remained modest, fluctuating between 40–70 ktons per day, with only brief signs of improvement. Market sentiment continued to reflect subdued demand, operational inefficiencies carried over from earlier weeks, and limited appetite for fresh business from charterers.

1. Freight Rates: Distillates Stable, Light Ends Sliding

Middle Distillates

  • Rates were stable throughout the week, showing only very minor intraday corrections.
  • 17 Nov recorded slight upward ticks (+€0.01–0.02/ton) on several routes such as Cross Harbor and Flushing-related flows.
  • From 18–21 Nov, distillate routes remained broadly unchanged, supported by modest but consistent demand, even as overall market activity remained low.

Light Ends

  • The light-end segment experienced persistent rate declines all week, reflecting weaker gasoline and napththa demand, more empty LE barges being reported, and improved discharge times at Amsterdam and Rotterdam.
  • On 17 Nov, light ends fell sharply across nearly all corridors (around –€0.10 to –€0.14), driven by a surplus of empty barges and lower cargo demand.
  • The trend continued 18–20 Nov, with consistent downward corrections on Flushing, Ghent, Rotterdam, and Amsterdam routes (–€0.04 to –€0.16).
  • By 21 Nov, LE freight rates saw another step down, with Flushing and Rotterdam corridors falling further (–€0.10 to –€0.16), widening the rate gap between product types to its largest of the month.

Takeaway: Middle distillates showed resilience; light ends continued a week-long downward slide, driven by weak demand and rising barge availability.

2. Spot Volumes: Subdued Activity Within a Narrow Range

Daily traded tonnage remained constrained:

  • 17 November: 45.5 ktons, slowed by weekend terminal delays, especially affecting FAME.
  • 18 November: 44.7 ktons, with operators still renominating vessels and resolving delays.
  • 19 November: 40.4 ktons, one of the quietest days, reflecting minimal appetite for spot activity.
  • 20 November: 69.8 ktons, a temporary increase, though operators noted demand “did not feel strong.”
  • 21 November: 57.0 ktons, with activity easing again as charterers reduced enquiries and more barges opened.

Takeaway: Despite a brief midweek uptick, the market remained fundamentally soft due to inconsistent demand and operational drag.

3. Product Trends: Distillates Steady, Light Ends Weak

Distillates

  • Cargo flows remained steady, supported by ongoing ARA demand and typical November activity levels.
  • Scheduling delays (especially FAME at Chane Botlek, Sea-Tank 450, and Vopak Vlaardingen) remained a feature early in the week.
  • By 20–21 Nov, delays eased, helping stabilize distillate freight levels.

Light Ends

  • Persistent weakness all week in the subdued blending activity, and excess empty barges reported daily.
  • Faster discharge times for LE cargoes increased available tonnage.
  • Operators repeatedly referenced empty LE barges, underscoring the soft fundamentals.

Takeaway: The divergence between distillates and light ends widened meaningfully, distillates steady, light ends increasingly oversupplied.

4. Operational Factors: Delays, Renominations, and Gradual Improvement

Operational friction was a defining feature again:

  • Heavy delays for FAME, vessel renominations, and ongoing congestion at key terminals (Chane Botlek, Sea-Tank 450, Vopak Vlaardingen) strongly impacted planning by 17–18 November.
  • Operators still busy rescheduling vessels due to lingering operational issues; LE availability high around 19 November.
  • FAME delays no longer mentioned, scheduled flows began to normalize.
  • Faster LE discharge cycles created excess LE barge availability, reinforcing rate declines for that segment by 21 November.

Takeaway: While operations improved through the week, early delays kept the market sluggish then improved logistics contributed to weaker freight sentiment.

5. Market Outlook: Soft to Stable, With Light Ends Still Vulnerable

Looking forward into late November:

  • Middle distillate rates expected to remain stable, supported by steady demand and no major operational bottlenecks.
  • Light ends likely to remain under pressure due to high barge availability, weak blending demand, and faster turnaround times at key terminals.
  • Overall sentiment remains soft, with the market unlikely to firm unless demand recovers or adverse weather disrupts barge availability.

Conclusion: A Split Market Defined by Weak Light Ends and Resilient Distillates

During 17–21 November, the ARA barge freight market showed a clear divergence between product segments. Middle distillates held steady, supported by consistent demand and improving terminal operations, while light ends weakened significantly due to an oversupply of barges, reduced blending activity, and faster discharge cycles. Spot volumes moved within a narrow trading range, early-week operational challenges slowed activity, and overall freight sentiment remained soft throughout the period. With no major demand drivers on the horizon, the market is expected to remain stable to negative, particularly for the light-end segment.

What’s next?

Are you ready to face your challenges head-on?

We now offer a FREE customized trial to our BargeINSIGHTS tool, an all-in-one platform for liquid bulk barge transport optimization.

With BargeINSIGHTS, you get instant insights into barge freight rates, bunker gas oil prices, water levels, vessel tracking, and barge availability—all in one place. No more time-consuming data collection; everything you need is at your fingertips.

Click here to schedule your demo and get access to BargeINSIGHTS for free!

Rhine Freight Market: Stable Rates Amid Weak Demand and Price Volatility

The Rhine barge market in the week of 17–21 November was marked by stable-to-softer rates, calm trading conditions, and ongoing uncertainty driven by volatile gasoil pricing. Water levels fluctuated but remained high enough to support moderate intakes across most routes, preventing any hydrology-driven rate support. Market sentiment was shaped by low urgency from charterers, fully booked fleets on the operator side, and a backwardated futures structure that continued to discourage stockbuilding.

1. Freight Rates: Mostly Stable, With Isolated Minor Adjustments

Freight rates showed minimal movement during the week:

  • At the start of the week, rates remained broadly stable, though Strasbourg experienced a small €0.75 decline and Basel slipped by €0.05, while other destinations held firm.
  • Following a few higher-priced deals, Cologne saw a modest €0.50 increase, whereas other routes stayed unchanged.
  • As inquiry levels softened mid-week, Basel edged slightly lower (–€0.40), but most routes remained steady.
  • Later in the week, rate levels were completely unchanged, with spot activity slowing significantly.
  • By the end of the week, rates stayed stable once again, as the market turned quiet, and hardly any spot business was registered.

Takeaway: The Rhine freight market saw virtually no rate movement, reflecting limited trading appetite and a well-balanced supply–demand environment.

2. Water Levels: Fluctuating but Supportive for High Intakes

Hydrology was not a constraining factor this week:

  • 17 November: Kaub at 148 cm, forecast to rise toward 200 cm; Maxau at 465 cm, fully navigable.
  • 18 November: Kaub at 141 cm but rising to 172 cm, enabling 1,700–1,800-ton intakes for 110m barges; Maxau stable in the 440–470 cm band.
  • 19 November: Maxau decreased slightly (to 459 cm), while Kaub increased to 141 cm, both favorable for full loading conditions.
  • 20 November: Kaub increased marginally (hovering 150–160 cm forecast), Maxau steady at 450–440 cm range.
  • 21 November: Kaub at 156 cm, Maxau at 445 cm, both forecast to increase the following week, allowing nearly full intakes mid-week.

Takeaway: High, stable water levels ensured full navigability and kept logistical cost pressures low.

3. Market Activity: From Moderate Early Week to Nearly Silent by Friday

The spot market weakened progressively through the week:

  • A slight uptick in activity with six deals, despite delays and colder weather raising interest in heated barges.
  • Nine deals recorded, one of the week’s busier days, though sentiment remained cautious due to gasoil price volatility and lighter COA nominations for the upcoming week.
  • Eight deals with operators reporting steady but unspectacular business; cancellations on scheduled trips created some unexpected vessel availability by the middle of the week.
  • Activity dropped sharply to just one deal, with charterers declaring they had already covered their needs for the week and gasoil backwardation discouraging any stock building.
  • The week closed with only one deal, reflecting a virtually inactive market as both sides awaited clearer signals into late November.

Takeaway: The second half of the week saw near-standstill activity, driven by low charterer appetite and high gasoil price uncertainty.

4. Market Drivers: Backwardation, Volatility, and Slowing Demand

The week’s behavior was guided by three main forces:

  • Steep Gasoil Backwardation: The spread between the current gasoil contract and the next month reached roughly $40/ton, sharply discouraging stockbuilding and delaying charterer decisions.
  • High Price Volatility: Gasoil prices moved rapidly throughout the week, making traders and importers hesitant to fix new business.
  • Demand Softness and Fully Booked Fleets: Most barge operators reported their spot fleets already assigned for the coming weekend, while charterers indicated satisfaction with their existing allocations, creating little room for additional spot activity.

Takeaway: The combination of backwardation and low demand left little incentive for additional Rhine movements.

5. Outlook: Flat Market Expected, With Potential Softness Ahead

Looking into late November:

  • The backwardated product structure is expected to continue limiting inland movements.
  • Water levels are forecast to rise modestly, preserving full intakes and preventing rate pressure.
  • Unless a demand-side catalyst emerges, such as colder weather pushing heating oil flows, freight rates are likely to remain flat with a slight downward bias.

Conclusion

Overall, the Rhine barge freight market during 17–21 November remained remarkably stable, with freight rates essentially unchanged across all destinations and trading activity dwindling as the week progressed. Ample water depth allowed for full barge intakes, eliminating any logistical support that might otherwise have lifted prices. At the same time, steep backwardation in gasoil futures, fluctuating product prices, and lackluster demand kept charterers on the sidelines, while barge operators reported their fleets largely committed but not overly busy. With both supply and demand balanced yet unmotivated, the market settled into a quiet equilibrium, ending the week calm, flat, and waiting for a stronger directional signal heading into late November.

What’s next?

Are you ready to face your challenges head-on?

We now offer a FREE customized trial to our BargeINSIGHTS tool, an all-in-one platform for liquid bulk barge transport optimization.

With BargeINSIGHTS, you get instant insights into barge freight rates, bunker gas oil prices, water levels, vessel tracking, and barge availability—all in one place. No more time-consuming data collection; everything you need is at your fingertips.

Click here to schedule your demo and get access to BargeINSIGHTS for free!

ARA Freight Market: High Volumes, Softer Rates, and a Market Searching for Direction

The ARA clean petroleum product (CPP) barge market in the week of 10-14 November displayed a mix of strong trading activity, slightly weaker freight rates, and increasing operational stability after months of congestion. While volumes surged early in the week, reaching the highest level since the beginning of October, the freight market itself softened as barge availability improved and blending activity for light ends eased.

1. Freight Rates: Consistent Downward Pressure Through the Week

Freight rates drifted lower across nearly all major ARA routes, with middle distillates consistently weakening and light ends undergoing modest corrections:

  • 10 November: Nearly all routes saw freight declines of €0.04-0.05/ton, especially on Rotterdam–Antwerp/Amsterdam and Flushing routes. Distillates were notably weaker, while light ends held firmer in price.
  • 11 November: Rates fell again by €0.07-0.09/ton for most corridors reflecting a surplus of available barges and calm demand ahead of the ICE expiry.
  • 12 November: Another session of broad declines, albeit slightly smaller (-€0.02 to -€0.08), confirming a peak in October’s rate surge had passed.
  • 13 November: A split picture emerged: middle distillate rates increased slightly across all routes, while light ends softened, reflecting reduced blending activity and improved discharge conditions in Amsterdam.
  • 14 November: Freight rates stayed mostly flat, with very small changes (±€0.03) and overall stability across both product groups.

Takeaway: Rates trended down 2-5% week-on-week for most distillate and light-end routes. After October’s strength, the market has shifted into a softer, more liquid pricing environment.

2. Spot Volumes: From High Momentum to a Sharp Midweek Drop

Volumes fluctuated dramatically throughout the week:

  • 10 November: Activity surged to 105.9 ktons, the highest since early October.
  • 11 November: A steep drop to 40.5 ktons, described as “quiet,” despite many barges being offered into the market.
  • 12 November: Activity rebounded to 101.4 ktons, driven by expiring ICE contracts and release of barges after long delays in the light ends segment.
  • 13 November: Spot volume peaked at 126 ktons, the highest since August, as players pushed to book November-loading parcels after expiry.
  • 14 November: Activity fell back to 64 ktons, with most parties postponing fresh business into the following week.

Takeaway: The market was highly ICE-expiry-driven, with volume spikes occurring on 12-13 November. Outside these days, trading interest remained cautious.

3. Product Trends: Distillates Struggle, Light Ends Lose Momentum

The week showed clear divergence between product groups:

Middle Distillates

  • Rates declined steadily 10-12 November (-€0.04 to -€0.09 each day).
  • Slight rebound on 13 November as post-expiry demand temporarily lifted the segment.
  • Flat on 14 November amid low liquidity and growing barge availability.

Light Ends

  • Prices held firmer early in the week.
  • On 13 November, light ends experienced across-the-board rate decreases, attributed to vanishing Amsterdam delays and lower blending activity.
  • By 14 November, rates were stable again, but liquidity was very low.

Takeaway: Distillates were more volatile, but both segments ultimately softened. Light ends face weaker fundamentals as blending slows into late November.

4. Operational Factors: Improved Fluidity After Months of Congestion

Several structural improvements were noted:

  • Amsterdam delays eased significantly by midweek, freeing up barges more quickly and softening light-end prices.
  • On 12 November, many barges finally completed discharging after extended delays, increasing available capacity.
  • November 12-14 reports showed more voyages closed on PJK B/L basis, including several with deeper discounts as players sought to secure volumes following ICE expiry.

Takeaway: The ARA system ran more efficiently than at any time since September. This efficiency contributed directly to weaker freight momentum.

5. Market Outlook: ICE Expiry, Barge Availability, and Fading Blending Demand

Major forces shaping the week:

  • ICE Gasoil November expiry drove the largest volume spikes (12-13 November) and caused temporary rate fragmentation as traders finalized positions.
  • Prompt barge availability increased sharply late in the week, particularly for Monday-Tuesday loadings of the following week, signaling a shift back to oversupply conditions.
  • Blending slowdown in Amsterdam reduced demand for small/light-end barges, softening rates throughout the week.

Takeaway: Fundamentals point to a softer ARA freight market heading into mid-November, with oversupply outweighing spot bursts.

Conclusion: ARA Market Softens After ICE-Driven Spike

The ARA CPP barge market in 10-14 November can be summarized in three words:
volatile, softer, stabilizing.

Rates drifted lower across most routes, volumes surged midweek due to ICE expiry, and operational fluidity improved as terminal delays eased. With barge availability rising and blending activity slowing, the market enters late November with weaker fundamentals even as occasional bursts of spot demand continue to punctuate activity.

What’s next?

Are you ready to face your challenges head-on?

We now offer a FREE customized trial to our BargeINSIGHTS tool, an all-in-one platform for liquid bulk barge transport optimization.

With BargeINSIGHTS, you get instant insights into barge freight rates, bunker gas oil prices, water levels, vessel tracking, and barge availability—all in one place. No more time-consuming data collection; everything you need is at your fingertips.

Click here to schedule your demo and get access to BargeINSIGHTS for free!

Rhine Freight Market: Stable Rates, Weak Demand, and Mounting Price Volatility

The Rhine clean petroleum product (CPP) barge market remained subdued and directionless through the week of 10-14 November. Freight rates stayed flat or softened slightly on Upper Rhine routes, while Lower Rhine destinations held steady. Market sentiment was dominated by weak demand, price volatility in gasoil, and high-water levels that maintained full intakes and prevented any logistical tightening.

1. Freight Rates: Mostly Flat, Softness on Upper Rhine Routes

Freight rates showed little variation throughout the week, holding in a narrow band with small downward adjustments primarily on routes south of Koblenz:

  • 10 November: Some light corrections, Duisburg fell by a small margin, while Strasbourg rose slightly (+0.50 €/ton).
  • 11 November: Clear downward adjustments on Upper Rhine destinations: Karlsruhe, Strasbourg, and Basel all fell by around €0.50, reflecting lower spot demand and hesitation linked to volatile gasoil futures.
  • 12 November: All routes held unchanged, with zero day-to-day movement; Basel ticked up slightly by +0.08 €/ton.
  • 13 November: A modest rebound on Upper Rhine lanes, Karlsruhe (+0.25), Strasbourg (+0.50), and Basel (+0.29) driven by reduced intakes (1,700-1,800 tons) and early signs of tightening as water levels fell.
  • 14 November: The week ended flat across all destinations, as all routes remain unchanged.

Takeaway: Rates remained stable to slightly weaker, with only brief upward adjustments midweek when intakes dipped.

2. Water Levels: High but Falling, Intakes Still Near Maximum

Hydrology remained largely supportive, allowing nearly full 110m barge intakes through most of the week:

  • Maxau stood at 495 cm and Kaub at 215 cm, both on a gentle downward trajectory but still enabling roughly 2,000-ton intakes by November 10.
  • Levels continued to ease, with Maxau at 487 cm and Kaub at 201 cm; forecasts hinted at a possible shift to 1,600–1,800-ton intakes after the weekend.
  • Maxau slipped to 475 cm and Kaub to 189 cm, though still high enough to support efficient operations, with only slight further easing expected.
  • Maxau dipped to 450 cm but was forecast to rebound toward 490 cm, while Kaub reached 169 cm with a predicted rise into the 152–242 cm range still sufficient for strong loadability.

Takeaway: Although water levels fluctuated, they never fell low enough to create logistical pressure or increase rates.

3. Market Activity: Low Volume, Hesitant Traders, Quiet Close

Trading activity softened as the week progressed:

  • 10 November: The busiest day of the week, with 11 reported deals, mostly contract-driven and related to clearing weekend delays.
  • 11 November: Only five deals concluded; traders grew reluctant due to gasoil price swings of nearly $30/ton intraday.
  • 12 November: Five deals again; overall activity remained low and unchanged from the prior day.
  • 13 November: Only three deals, nearly all for the Upper Rhine, as operators struggled to find spot opportunities in a calm market.
  • 14 November: Just one deal, as the market fully quieted ahead of the weekend.

Takeaway: Spot demand was extremely weak, and the market closed the week in near-standstill conditions.

4. Market Drivers: Gasoil Volatility and Ample Stocks Keep Buyers on Sidelines

Several structural factors shaped market behavior during 10–14 November, keeping trading muted and sentiment cautious:

  • Gasoil price volatility remained the dominant influence, with ICE gasoil contracts experiencing sharp intraday swings of $30–50/ton. This instability discouraged speculative moves and reduced willingness to commit to fresh barge bookings.
  • Persistent backwardation continued to curb storage-related flows, as inland buyers opted to delay lifting product in hopes of more favorable price signals.
  • Ample barge availability further softened conditions; although many vessels were occupied with COA and scheduled movements, there was no shortage of tonnage for spot inquiries, limiting any upward pressure on rates.
  • Weak inland demand added to the subdued tone, with charterers well-supplied and showing little urgency to move additional volumes, particularly evident in the second half of the week.

Takeaway: A combination of volatile gasoil pricing, backwardation, and sluggish demand kept the market subdued, preventing any meaningful rate momentum.

5. Outlook: Flat Market Expected, With Slight Tightening Possible

Based on water-level forecasts and market commentary:

  • Rates likely to remain flat into the following week, as no significant demand catalyst is visible.
  • Possible mild tightening if water levels continue to drop toward the lower forecast ranges (esp. Kaub), but intakes remain high enough that any impact will be limited.
  • Market sentiment remains cautious heading into the post-expiry period.

Takeaway: The Rhine market appears set for continued stability, with no immediate drivers for significant rate increases.

Conclusion: A Market on Hold

The Rhine CPP freight market ended 10-14 November in a quiet, directionless state. Freight rates were essentially flat, supported by high but decreasing water levels that kept barge intakes near maximum and prevented any logistical tightening. Demand remained weak throughout the week, and gasoil price volatility further discouraged fresh activity, leading to steadily declining deal numbers. With charterers well-supplied and little pressure to move product, the market closed the week subdued and stable, with only limited potential for minor tightening ahead.

What’s next?

Are you ready to face your challenges head-on?

We now offer a FREE customized trial to our BargeINSIGHTS tool, an all-in-one platform for liquid bulk barge transport optimization.

With BargeINSIGHTS, you get instant insights into barge freight rates, bunker gas oil prices, water levels, vessel tracking, and barge availability—all in one place. No more time-consuming data collection; everything you need is at your fingertips.

Click here to schedule your demo and get access to BargeINSIGHTS for free!

ARA Freight Market: Low Liquidity, Tight Barge Supply, and Mixed Rate Movements

The first full week of November in the ARA clean petroleum product (CPP) barge market was defined by low trading activity, tight barge availability, and high volatility in product prices. Despite steady demand, ongoing terminal delays and limited vessel turnover restrained spot trading, while freight rates drifted modestly lower across middle distillates and fluctuated for light ends.

1. Freight Rates: Small Corrections Across the Board

Freight rates showed modest downward movement through the week, with isolated rebounds late in the period:

  • On 3 November, rates increased slightly across most routes in the light ends segment. Rotterdam–Antwerp/Amsterdam rose to around €3.83/ton and Flushing–Amsterdam to €4.96/ton, as operators reported tight barge supply amid strong charterer demand and long dealys.
  • 4 November saw a broad correction, with rates declining €0.05–0.10/ton for some routes, and increases of up to €0.20 for others. This coincided with fewer trades (48.5 ktons total) and some price adjustments in the light ends segment.
  • On 5 November, the trend continued with a further dip of €0.05–0.08/ton for middle distillates, as overall spot demand slowed and market sentiment turned softer. The total traded volume dropped to about 54 ktons.
  • 6 November brought minimal change, with rates mostly flat or slightly lower (–€0.03 to –€0.07), reflecting continued barge scarcity but muted trading interest. The ICE gasoil price surged nearly $30/ton to above $780, introducing uncertainty and hesitation among charterers.
  • Finally, on 7 November, rates for middle distillates slipped another €0.05–0.07, while light ends recovered slightly, ending the week with modest gains on certain ARA and Flushing routes.

Takeaway: A week of modest rate volatility ended with mixed outcomes—light ends stabilizing while distillates softened under uncertainty regarding product prices.

2. Spot Volumes: Activity Remained Subdued

  • 3 November: Activity began relatively firm with 66.7 ktons traded, though most deals involved PJK B/L or lump-sum contracts rather than new spot charters.
  • 4–6 November: Volumes ranged from 48–55 ktons, as barge unavailability constrained trading, despite strong end-user demand for prompt deliveries.
  • 7 November: Activity recovered modestly to 67.9 ktons, though traders described the day as “very calm,” with ICE gasoil volatility discouraging fresh inquiries.

Takeaway: Trading volumes hovered well below seasonal averages, hampered by logistical delays rather than weak demand.

3. Product Trends: Divergence Between Distillates and Light Ends

  • Middle distillates (diesel, gasoil, FAME) dominated trade early in the week but faced downward rate pressure by midweek as freight competition intensified and traders focused on fixed COA tonnage.
  • Light ends (gasoline and blending components) saw relative firmness, particularly on 3 and 7 November, when blending demand lifted rates by €0.05–0.10/ton on select routes midweek. By the end of the week, both product classes were roughly equal, as traders delayed movements to avoid exposure to sudden price swings.

Takeaway: Distillate freight softened, while light ends benefitted from steady blending demand and limited capacity.

4. Operational Factors: Delays, Renominations, and Scheduling Gaps

  • Terminal congestion persisted across Amsterdam, Antwerp, and Ghent, with waiting times at Evos Amsterdam East showing only marginal improvement. The nomination procedures consumed significant operator bandwidth, with many barges spending longer on single voyages, effectively reducing available capacity.
  • High volatility in product pricing and weekend maintenance at several loading points further complicated scheduling at the end of the week.

Takeaway: Persistent congestion and volatility kept the market operationally inefficient, preventing rate declines from fully reflecting weaker demand.

5. Market Outlook: Flat to Slightly Firmer Near-Term

Looking ahead:

  • Freight rates are expected to remain stable as barge supply remains tight entering mid-November.
  • The return of steady Rhine logistics could ease regional tightness if water levels remain favorable, potentially allowing additional tonnage to re-enter the ARA system.
  • However, any renewed ICE gasoil volatility could trigger another round of temporary freight softness.

Takeaway: Market sentiment leans toward consolidation—freight stability supported by logistical tightness rather than stronger trade fundamentals.

Conclusion: Tight Logistics, Soft Fundamentals

The ARA barge freight market in the first week of November was defined by tight barge availability, persistent delays, and uneven trading momentum. Freight rates for middle distillates eased slightly, while light ends showed resilience amid blending activity. Operational friction remains the key driver—limiting efficiency but keeping rates afloat. Unless delays ease or new capacity enters the system, ARA freight markets are likely to remain tight but directionless through mid-November.

What’s next?

Are you ready to face your challenges head-on?

We now offer a FREE customized trial to our BargeINSIGHTS tool, an all-in-one platform for liquid bulk barge transport optimization.

With BargeINSIGHTS, you get instant insights into barge freight rates, bunker gas oil prices, water levels, vessel tracking, and barge availability—all in one place. No more time-consuming data collection; everything you need is at your fingertips.

Click here to schedule your demo and get access to BargeINSIGHTS for free!

Rhine Freight Market: Stable Rates Amid Rising Volatility and Price Uncertainty

The first full week of November on the Rhine was marked by flat freight rates, low trading intensity, and increasing uncertainty driven by volatile oil prices and changing water levels. Despite a few active trading sessions early in the week, freight levels remained largely unchanged, as most freighters were already fully booked and charterers waited for clearer signals from both energy markets and hydrological forecasts.

1. Freight Rates: Minimal Movement Across All Routes

Freight rates remained broadly stable across the Rhine corridor:

  • 3 November: Rates declined slightly across all destinations—Basel dropped by €1.12, Strasbourg by €1.00, and Karlsruhe by €0.50—as new spot deals were concluded at lower levels.
  • 4 November: Most routes held steady, with 12 deals/offers registered, but small corrections continued. Basel fell further (–€3.78), while Strasbourg dropped €1.50. Water levels were high but forecasted to decline toward the weekend.
  • 5 November: Freight rates were mostly unchanged, except for Frankfurt (–€0.50) and Basel (–€0.04). The market saw moderate spot activity with seven deals concluded.
  • 6 November: All rates remained flat, with no new deals registered. High gasoil volatility ($52/ton intraday backwardation) halted most new bookings as traders covered existing positions ahead of the November contract expiry.
  • 7 November: Rates ended the week stable, with no further changes. Operators confirmed fully booked fleets, while charterers paused new fixtures amid sharply higher product prices exceeding $800/ton.

Takeaway: Freight rates across all Rhine destinations held steady after early declines, reflecting cautious sentiment and low spot activity amid volatile pricing.

2. Market Activity: Active Start, Then a Sharp Slowdown

  • Early in the week (3–4 November), activity was steady, with 8–12 deals reported daily, mostly covering the available barges in the spot market.
  • Midweek (5 November) saw reduced activity as traders hesitated amid strengthening backwardation and rising product prices.
  • By 6–7 November, no new spot deals were registered, as both freighters and charterers shifted focus to covering positions rather than pursuing incremental business.

Takeaway: Market participation dwindled through the week, with operators focusing on completing existing obligations rather than booking new tonnage.

3. Water Levels: High But Forecasted to Drop

Hydrology remained favorable for most of the week, though forecasts pointed to tightening conditions ahead:

  • Maxau began the week at 628 cm and declined steadily to 545 cm by 7 November.
  • Kaub hovered between 278 cm and 277 cm, maintaining high intakes for 110-meter barges but forecasted to dip toward 200 cm over the weekend.
  • Cologne and Ruhrort remained stable around 490–505 cm, ensuring smooth navigation throughout the corridor.

Takeaway: Water levels remained sufficient for full barge intakes, though declining trends in the Upper Rhine could limit load capacity in the following week.

4. Market Drivers: Price Volatility and Limited Flexibility

Several structural and market-specific factors shaped the week’s dynamics:

  • Oil price volatility dominated sentiment, with ICE gasoil prices swinging sharply—from ~$740/ton midweek to over $800/ton by Friday—reducing willingness to fix new business.
  • The strengthening backwardation discouraged storage movements, as inland buyers preferred to delay purchases.
  • Barge utilization remained high; most vessels were booked through the weekend, leaving limited open capacity.
  • Water level forecasts for the following week (dry period ahead) prompted some traders to plan early for possible intake restrictions on the Upper Rhine.

Takeaway: Strong backwardation and high barge occupancy created a stable yet inactive market environment.

5. Outlook: Possible Tightness Ahead

Looking into mid-November:

  • Freight rates are expected to stay flat to slightly firmer if forecasted water level drops materialize, constraining intakes.
  • Activity may pick up early next week as traders reassess flows post-contract expiry and gauge the impact of falling Rhine drafts.
  • However, any sustained increase in oil price volatility could again suppress new bookings.

Takeaway: The Rhine freight market may transition from calm stability to logistical tightness if hydrological conditions deteriorate further.

Conclusion: Calm Waters Before Potential Tightness

Between 3 and 7 November, the Rhine freight market remained remarkably steady, defined by operational stability but low trading intensity. High water levels supported full intakes, while price volatility and backwardation restrained speculative demand. With most barges already booked and charterers waiting for clearer signals, the market ended the week balanced but cautious. The next test will come from hydrology—whether predicted declines in river levels trigger renewed rate momentum into mid-November.

What’s next?

Are you ready to face your challenges head-on?

We now offer a FREE customized trial to our BargeINSIGHTS tool, an all-in-one platform for liquid bulk barge transport optimization.

With BargeINSIGHTS, you get instant insights into barge freight rates, bunker gas oil prices, water levels, vessel tracking, and barge availability—all in one place. No more time-consuming data collection; everything you need is at your fingertips.

Click here to schedule your demo and get access to BargeINSIGHTS for free!

ARA Freight Market: Recovery in Volumes, Stable Rates, and Persistent Delays

The final week of October brought renewed trading activity in the ARA clean petroleum product (CPP) barge market, following a sluggish start to the month. Spot volumes rebounded to multi-week highs midweek, but terminal congestion and fleet scheduling challenges continued to constrain flexibility. Freight rates fluctuated slightly early on but ended the week stable and firm, supported by steady demand and limited vessel availability.

1. Freight Rates: Early Dip Followed by Strong Recovery

  • 27 October: Spot market liquidity was weak, with total volume below 30 ktons, the lowest of the month. Freight rates rose modestly (by €0.01–0.02/ton) on select routes as middle distillates dominated the few trades concluded.
  • 28 October: Rates fell slightly, particularly for middle distillates (–€0.04 to –€0.12/ton across key routes) as operators caught up on backlogs from prior weeks. Light ends, however, saw small gains due to tighter tonnage availability.
  • 29 October: Rates jumped sharply by up to €0.30/ton on ARA routes, and a smaller increase on Flushing and Ghent routes, marking the week’s turning point. This spike coincided with the highest daily volume (78 ktons) in two weeks, as demand outpaced barge supply and delays worsened.
  • 30 October: Freight levels held firm to slightly higher for light ends (+€0.04–€0.09/ton) while middle distillate rates stabilized. Activity was strong, with volumes surpassing 80 ktons despite continued loading congestion.
  • 31 October: Rates remained unchanged across all routes, marking a steady close to a volatile week. Overall freight levels ended roughly 3–5% higher than at mid-October’s close.

Takeaway: After early softness, strong midweek demand and logistical bottlenecks lifted freight rates to their highest levels since mid-September.

2. Spot Volumes: Sharp Rebound Midweek

  • Volumes started low at 28 ktons on 27 October, reflecting limited liquidity amid scheduling constraints.
  • On 28 October, activity improved to 43 ktons, aided by marginally better loading conditions.
  • 29 October marked the busiest day of the week at 78 ktons, as traders accelerated liftings ahead of the month-end.
  • 30 October remained strong at 82 ktons, while the 31 October session cooled to 55 ktons, as many operators finalized their positions for the weekend.

Takeaway: Weekly trading volumes surged over 150% compared to the previous week, underscoring recovering activity despite ongoing delays.

3. Product Trends: Distillates Lead Early, Light Ends Catch Up

  • Middle distillates dominated early in the week but faced rate pressure as logistical backlogs limited fresh trades. The midweek rebound was driven largely by strong distillate flows between Rotterdam, Antwerp, and Amsterdam.
  • Light ends saw a notable recovery from 29 October onward, with rates climbing steadily amid increased blending and export demand. By week’s end, light ends accounted for a larger share of total traded volume than distillates.

Takeaway: Both product segments ended the week firmer, with light ends outperforming distillates after midweek.

4. Operational Dynamics: Congestion Still Central

  • Terminal delays in Amsterdam, Antwerp, and Flushing persisted all week, forcing repeated renominations of voyages and extending barge turnaround times.
  • Barge operators reported split conditions—some fleets were heavily delayed, while others managed to book additional trips where congestion was lighter.
  • Due to these disruptions, freight rates lightly increased, as demand remained sufficient to absorb most available tonnage.

Takeaway: Operational constraints continue to hamper barge availability, while trading activity rises.

5. Market Outlook: Firm Fundamentals with Logistical Overhang

Looking ahead:

  • Freight rates are likely to stay stable to slightly firm as November begins, given residual scheduling congestion and ongoing refinery activity in the ARA.
  • Seasonal factors could sustain distillate volumes, while light ends may soften slightly if blending slows.
  • Any reduction in congestion could temporarily pressure rates lower, though overall market tone remains balanced-to-firm.

Takeaway: Freight sentiment entering November is cautiously optimistic, with rate stability supported by steady volumes and constrained logistics.

Conclusion: Resilient End to October

The ARA barge freight market closed October on a stronger footing. After a muted start, trading activity rebounded sharply midweek as operators rushed to complete month-end programs amid tight vessel supply and terminal delays. Freight rates recovered all early losses and finished stable, marking a resilient close to a month shaped by operational friction and logistical tightness.

What’s next?

Are you ready to face your challenges head-on?

We now offer a FREE customized trial to our BargeINSIGHTS tool, an all-in-one platform for liquid bulk barge transport optimization.

With BargeINSIGHTS, you get instant insights into barge freight rates, bunker gas oil prices, water levels, vessel tracking, and barge availability—all in one place. No more time-consuming data collection; everything you need is at your fingertips.

Click here to schedule your demo and get access to BargeINSIGHTS for free!

Geopolitical Tensions and Seasonal Tightness Drive October’s Product Market Recovery

October 2025 marked a clear shift in oil market sentiment. After months of weakness, crude and product prices rebounded as new US and EU sanctions tightened Russian oil flows, and seasonal heating demand began to build. The combination of geopolitical shocks, shifting trade routes, and refinery maintenance across Northwest Europe (NWE) reshaped market fundamentals—presenting both challenges and opportunities for tank terminal operators, especially in the ARA region.

1. Crude Market Recovery Fueled by New Sanctions

Brent crude rebounded from a five-month low in early October to trade near $66–68/bbl by mid-month, driven by new US sanctions on Rosneft and Lukoil and EU restrictions on Russian LNG imports. India and China—key importers of discounted Russian crude—were urged to reduce purchases, forcing refiners to seek alternative supplies from OPEC members and the US.

By the end of October, however, the rally eased as stronger US dollar and weak Chinese industrial data limited gains. Despite this, OPEC’s cautious production strategy and US strategic stock builds kept the forward curve in backwardation, signalling a structurally tight market.

Strategic takeaway: Europe now faces intensifying competition for non-Russian oil products, as Indian, Chinese, and Turkish refiners must prove the absence of Russian feedstock in their exports—an increasingly difficult task without fully excluding Russian crude. This dynamic may tighten supply of compliant barrels, increase premiums on traceable cargoes, and complicate Europe’s sourcing strategy for clean and middle distillates.

2. Storage Economics: Still Deeply Negative Across All Products

Break-even (BE) rates show the monthly storage fee per cubic metre at which traders would break even on a contango play. Negative values therefore mean that even if storage were free, traders would still lose money due to the backwardated market structure.

On 24 October, BE rates (€/cbm/month) stood at:

  • RBOB: –6.01 (M1–M3)
  • EBOB: –8.13 (M1–M3)
  • LS Gasoil: –9.38 (M1–M3)
  • Jet Kero: –8.77 (M1–M3)

By 31 October, all products remained below zero and, for some, became even more negative — particularly gasoil (–11.48) and jet fuel (–9.94). This underlines that the market moved deeper into backwardation, with no sign of a shift toward contango that could reopen storage arbitrage.

Strategic takeaway: The trend confirms that profitable storage remains out of reach. Terminals should continue prioritising throughput-based business and short-term flexibility, while monitoring early signs of a potential shift if distillate backwardation starts to flatten in Q1 2026.

3. Middle Distillates Lead the Recovery

Middle distillates were the clear outperformers in October. ICE Gasoil futures surged by more than 11%, crossing the $700/ton mark amid renewed supply concerns and pre-winter restocking activity. By the end of the month, gasoil settled near $718.50/ton, its highest level since summer, while jet cracks climbed roughly 6%, surpassing previous seasonal highs.

Within the ARA region, middle distillate stocks increased slightly through October, following several weeks of strong import arrivals from the US, Qatar, and India. This steady build reflects Europe’s shift toward securing additional non-Russian diesel and jet fuel supply ahead of the heating season.

Strategic takeaway: The firm upward trend in gasoil and jet prices signals a healthy throughput environment for ARA terminals. Terminals focused on efficient product handling, turnaround capacity, and jetty access can capture value as traders and refiners position for elevated winter demand — even as storage economics remain unattractive.

4. Gasoline Markets Stabilise as Dangote Restarts

Gasoline markets were more mixed. In early October, exports from ARA to West Africa and the US surged due to an ongoing FCC outage at Nigeria’s Dangote refinery, pushing ARA stocks down 4–5%.
 By mid-October, signs of a gradual restart at Dangote and refinery maintenance in NWE reduced export volumes.
 By late October, US gasoline demand rebounded strongly, pulling transatlantic cargoes out of Europe and pushing USGC prices up 4% week-on-week, while ARA prices fell to ~$706/ton.

Strategic takeaway (ARA view): The resumption of Nigerian output could limit ARA gasoline exports in coming months, but US demand strength offers an offsetting outlet for transatlantic trade.

5. Global Stocks Reflect Regional Rebalancing

  • ARA: Light ends at 2.39 Mcbm (–0.08 trend), middle distillates at 3.63 Mcbm (+0.15 trend).
  • USGC: Stable total stocks near 24.5 Mcbm, with moderate draws in light ends.
  • Singapore: Middle distillates down to 4.0 Mcbm (–0.04 trend), reflecting weaker Asian demand.
  • Fujairah: Middle distillate inventories rose 0.09 Mcbm, driven by reduced exports to Europe.

Strategic takeaway: ARA’s steady stock builds in distillates contrast with declining Asian inventories, confirming Europe’s temporary pull on product flows ahead of winter.

6. Product Cracks Strengthen Despite Crude Volatility

Product cracks strengthened further in October, particularly for diesel and jet fuel, which rose by around 5–6% week-on-week. Gasoline was the only major product to ease slightly as seasonal demand tapered off.

The gains in middle distillates were driven by a combination of refinery outages in Northwest Europe and abroad, alongside persistently firm product demand across Europe and the Atlantic basin. These outages tightened regional supply, drawing down stocks and supporting margins.

As a result, refinery margins in Northwest Europe remained elevated, with Brent cracking margins averaging around $14/bbl—slightly below the previous week’s $16/bbl peak but still among the highest levels of the year. The tighter balance between supply and demand continues to underpin high utilisation of logistics and storage infrastructure.

Strategic takeaway: For ARA terminals, this environment translates into strong product movement and high turnover, as traders manage shorter delivery cycles and refineries prioritise meeting inland and export commitments. The combination of lower product stocks and resilient demand will likely keep throughput robust into the winter months.

Conclusion: A Market Turning Point for Operators

October underlined how geopolitical decisions and structural supply disruptions are reshaping product trade flows worldwide. The combination of new sanctions, refinery outages, and stronger regional demand has not only tightened product balances but also redrawn traditional shipping and supply routes.

Flows that once moved predictably from Russia and the Middle East toward Europe are being rerouted, diversified, and fragmented. India and China are adjusting import strategies under sanction pressure, while the US and Middle East suppliers are stepping in to fill the gaps — often through longer, more complex supply chains. These changes are creating new logistical patterns, shifting the balance between storage, blending, and throughput demand across key hubs.

For terminals in Europe, this means managing greater variability in cargo origins and destinations, shorter lead times, and fluctuating tank utilisation. Meanwhile, terminals in Asia and the Middle East are increasingly positioning themselves as swing suppliers, bridging regional imbalances rather than serving as traditional export platforms.

In this environment, operational flexibility and commercial responsiveness will be the defining advantages. Terminals that can quickly adjust to these evolving trade dynamics — whether in Europe, Asia, or the Americas — will be best placed to capture value as global oil logistics enter a new phase of volatility and redistribution.

What’s next?

Are you ready to face your challenges head-on?

We now offer a FREE customized trial to our BargeINSIGHTS tool, an all-in-one platform for liquid bulk barge transport optimization.

With BargeINSIGHTS, you get instant insights into barge freight rates, bunker gas oil prices, water levels, vessel tracking, and barge availability—all in one place. No more time-consuming data collection; everything you need is at your fingertips.

Click here to schedule your demo and get access to BargeINSIGHTS for free!