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The ARA barge freight market had one clear peak this week. Trading volume built gradually through midweek, then surged on Thursday to its busiest session in months. Rates told a calmer story. Both segments rose together on Tuesday, middle distillates edged up again on Wednesday, and the surge on Thursday produced only small, mixed adjustments. Business then dried up on Friday as most operators had covered their schedules. Terminal delays continued to limit prompt availability throughout, and operators described demand as uneven between larger and smaller barges, and between product groups.

1. Freight Rates:  One Shared Move, Then Small Adjustments

Rates stayed flat on Monday. They rose across the board on Tuesday, after which changes were small and limited to middle distillates.

• 12 October: Rates held at the start of the week. Almost all fixtures closed on standard PJK B/L terms, with only one lump-sum deal, so there was little new price evidence.

• 13 October: Both segments rose by the same amount on nearly every route. Deals closed at higher levels in each product category. The one exception was Flushing to Rotterdam for middle distillates, which rose by a smaller amount.

• 14 October: Middle distillates edged higher on most routes, while the Ghent routes held steady. Light ends stayed unchanged.

• 15 October: Rates gave a mixed picture. Light ends stayed broadly in line with the previous day. Middle distillate fixtures closed both higher and lower, so Cross Harbor rose slightly, the Rotterdam routes eased slightly and the other routes held.

• 16 October: Rates held unchanged. The few deals that closed were all on standard terms.

Takeaway: Tuesday brought the week’s only broad rate move. After that, the market digested higher levels with small, selective adjustments in middle distillates, and light ends held firm.

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2. Spot Activity: A Steady Build, a Thursday Surge and a Quiet Friday

Activity stayed modest for most of the week and picked up only on the last day.

• 12 October: Volume opened at a solid level, similar to the end of the previous week. Demand for middle distillate barges looked weaker, and some barges sat empty. Light ends saw more business, and available barges there were booked rather than left idle.

• 13 October: Activity picked up slightly. Some operators reported normal demand and full fleets. Others struggled to find trips, especially for larger barges.

• 14 October: Volume rose further to its highest level in about three weeks. The expiry of the October ICE gasoil contract helped drive business, which centered on middle distillates and renewables. Light ends were slower, and some operators struggled to find new cargoes.

• 15 October: Activity surged to the busiest session since mid-May. Demand for barges strengthened, and vessels returning from earlier trips added available tonnage. This allowed operators to close many more fixtures, spread fairly evenly across all products.

• 16 October: Trading slowed sharply. After Thursday’s surge, most operators had covered their schedules and showed little interest in fresh spot business before the weekend. Activity was expected to resume on Monday.

Takeaway: Volume climbed steadily to a standout Thursday and then fell away. Barges returning from earlier trips fueled the surge, and the quiet Friday suggests that surge pulled forward much of the week’s available business.

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3. Product Dynamics: Middle Distillates Lead, Light Ends Linger

Middle Distillates

• Held flat on Monday, as demand looked weaker and some barges stayed empty.

• Rose on Tuesday and edged higher again on Wednesday, supported by the contract expiry and by renewables business.

• Showed mixed fixtures on Thursday, with some deals higher and others lower. Rates adjusted slightly on a few routes.

• Held flat on Friday.

Light Ends

• Held flat on Monday, although this segment saw more activity than middle distillates, and available barges were booked.

• Rose on Tuesday along with middle distillates.

• Stayed unchanged from Wednesday through Friday. Wednesday’s commentary noted that some players struggled to find new cargoes in this segment, which could mean exports out of the ARA are finally slowing.

Takeaway: Both segments rose together on Tuesday, but middle distillates then took the lead in rate changes. Light ends held their level, even as demand there looked softer by midweek.

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4. Structural Drivers: Delays, Uneven Demand and Returning Tonnage

• Terminal delays: Waiting times continued at various terminals. Barges needed extra time to load or discharge, and operators had to renominate them. This limited prompt availability and made fresh spot business harder to secure.

• Contract expiry: The October ICE gasoil expiry was mentioned at the start of the week as unlikely to change demand much. By Wednesday, however, it had helped lift volumes in middle distillates and renewables.

• Uneven demand: Experiences differed from operator to operator. Some had full schedules until after the weekend, while others struggled to find trips, especially for larger barges and light ends.

• Returning tonnage: Vessels coming back from earlier trips increased available barges on Thursday. This let operators close many more fixtures and explains the sharp volume surge.

• Possible export slowdown: Market participants noted that weaker light ends demand could mean exports from the ARA ports are finally slowing.

Takeaway: Delays kept barges tight, but returning tonnage and the contract expiry opened a window of strong activity. Uneven demand between segments and barge sizes kept the market from moving in one clear direction.

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Conclusion

The ARA barge freight market had a steady week with one standout day. Rates rose together in both segments on Tuesday, middle distillates edged higher on Wednesday, and Thursday’s busiest session in months brought only small and mixed rate adjustments. Terminal delays continued to limit prompt availability, while the October ICE gasoil expiry added some support to middle distillates and renewables. Light ends held their level all week, even though some players struggled to find new cargoes. By Friday, most operators had covered their schedules and trading slowed sharply. The market now looks to Monday to see whether the Thursday surge was a one-off or the start of a busier period.

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