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The ARA barge freight market during 26–30 January moved into a clear end-of-month consolidation phase. After the volatility and mid-January tightness seen earlier in the month, this week was characterized by moderating activity, easing freight sentiment, and a gradual unwinding of earlier rate support, particularly for middle distillates.

While operational delays continued to occupy operators, fresh demand thinned out, leaving the market increasingly driven by scheduling clean-up rather than new fixing interest.

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1. Freight Rates: Stability Early, Followed by Late-Week Softening

• 26 January: The week opened with largely stable freight rates. Activity was similar to the previous Friday, but charterer demand was described as limited, with most business focused on reorganizing delayed barges rather than booking new voyages. Minor technical adjustments were observed, but no clear directional move emerged.

• 28 January: Midweek saw a pickup in trading volume, primarily driven by middle distillates. This supported continued firmness for distillate routes, while light-end freight remained broadly unchanged. Operators reported that schedules were tight into early the following week, limiting prompt availability despite relatively calm market conditions.

• 29 January: Activity dropped sharply, falling to roughly half of the previous day’s volume. With barges already booked into mid-next week and little urgency from charterers, freight rates remained unchanged, reinforcing a sideways market tone.

• 30 January: On the final trading day of the month, spot activity rebounded modestly as operators finalized schedules ahead of the weekend. However, middle distillate freight rates edged lower, reflecting improved barge availability and reduced competition for prompt cargoes. Light ends remained stable, with limited deal flow.

Takeaway: Freight rates followed a stable to firm and flat then to softer trajectory, with end-month dynamics weighing most heavily on middle distillates.

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2. Spot Activity: Midweek Peak, Thin Finish

• Activity started the week at moderate levels, largely driven by operational rearrangements.

• 28 January marked the busiest session, with volumes supported by distillate demand and barges freeing up from discharge locations.

• By 29 January, volumes fell sharply as fixing programs were largely complete.

• 30 January saw a mild rebound, but overall activity remained subdued compared with mid-month levels.

Takeaway: This pattern highlighted the calendar-driven nature of the week, rather than a change in underlying demand.

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3. Product Dynamics: Distillates Fade, Light Ends Hold Steady

Light ends

• Activity remained low throughout the period.

• Freight rates stayed broadly unchanged, with most deals concluded on a PJK or lump-sum basis, limiting price volatility.

Middle distillates

• Supported midweek by increased volumes and tight operator schedules.

• Lost momentum by Friday as availability improved and operators accepted lower levels to secure final end-month employment.

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4. Operational Context: Delays Persist, But Pressure Eases

Operational challenges remained a consistent backdrop:

• Ongoing terminal delays across ARA continued to complicate scheduling, with some operators reporting extended waiting times for delayed barges.

• Despite this, overall barge availability improved toward the end of the week, particularly for middle distillates.

• Heated barges for FAME were again noted as scarce, but this had limited impact on overall market pricing.

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Conclusion

The ARA barge freight market during 26–30 January settled into a late-month holding pattern. After a brief midweek uplift in activity, demand faded quickly as January programs were finalized and charterers deferred new fixing into February. Freight rates reflected this transition, holding steady early in the week before softening slightly for middle distillates by Friday, while light ends remained largely unchanged. With operational pressures easing and barge availability improving, the market closed January balanced but cautious, awaiting clearer demand signals as February approaches.

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