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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.

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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.

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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.

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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.

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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.

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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.

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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.

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