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The ARA barge freight market returned from the Kings Day public holiday with a solid resumption of activity, sustaining healthy volumes across the shortened three-day trading week. Middle distillates and renewables drove the bulk of business throughout the period, while light ends remained persistently subdued for a second consecutive week. Terminal delays resurfaced as a recurring operational theme, limiting the number of new spot deals on certain days. Freight
rates followed a broadly positive-then-negative arc across the period, middle distillates edged higher in the first two sessions before softening into the month-end close, while light ends drifted lower across all three days.

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1. Freight Rates: Early Gains, Late Retreat

Rates moved in two distinct directions across the period, with the dividing line falling clearly between Wednesday and Thursday. The day-by-day picture was as follows:

• 28 April: The market resumed after Kings Day on a firmer note. Middle distillate rates edged modestly higher across most routes, supported by solid post-holiday demand. Light ends held flat, with no directional change registered across any route.

• 29 April: Middle distillates continued their upward drift, with further modest gains recorded across most routes. Light ends, however, reversed course and moved lower across the majority of routes, reflecting the continued absence of meaningful spot demand in that segment.

• 30 April: The positive momentum in middle distillates stalled, with rates declining across several routes as deals were predominantly concluded at the lower end of the prevailing range. Light ends also softened on some routes, though several held flat, reflecting insufficient liquidity to drive a uniform move.

Takeaway: Middle distillate rates gained ground on the first two days of the period before giving back some of those gains on the final day. Light ends failed to participate in any recovery, drifting lower as the week progressed.

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2. Spot Activity: Surge Then Retreat

Volumes followed a dramatic arc across the week, peaking sharply mid-week before collapsing into the close. The session-by-session pattern was as follows:

• 28 April: The market reopened with solid activity following the long weekend. However, terminal delays at multiple locations, including Sea-Tank 300, Eurotank Amsterdam, and Standic Dordrecht, limited the number of new spot deals, as operators were required to renominate a significant number of barges. Renewables accounted for a notably larger share of activity than in recent sessions.

• 29 April: Activity held at a similar pace to the previous day. Terminal delays again slowed down loading and discharging processes, reducing the pool of barges available for prompt loading. Most loading slots for the coming weekend were already booked, leaving few empty barges in the market. ULSD, gasoil, and renewables dominated the day’s fixtures, while light ends saw fewer fixtures and weaker pricing.

• 30 April: Volume eased slightly from the prior day’s level but remained at a reasonable level overall. The session was described by operators as fairly busy, with barges being nominated ahead of the weekend and the start of the following week. Vessel turnaround was smooth, with no significant delays reported during the session. Middle distillates were again the most actively traded product, while light ends remained subdued.

Takeaway: Volumes held up well across the shortened week despite the post-holiday context and recurring terminal disruptions. The consistent presence of distillates and renewables demand provided a solid floor for activity, even as light ends remained on the sidelines.

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3. Product Dynamics: Distillates and Renewables Lead, Light Ends Lag

The product mix across the period reinforced a trend that has characterized recent weeks, distillates and renewables driving the bulk of activity, while light ends remain structurally weak.

Middle Distillates and Renewables

• Middle distillates, primarily ULSD and gasoil, were the dominant product across all three sessions, accounting for the majority of fixtures each day.

• Renewables, including FAME and HVO, featured prominently throughout, accounting for a notably elevated share of activity compared to recent sessions.

• The post-holiday return generated enough demand for operators to keep their barges largely occupied, with few empty vessels reported in the segment across the period.

• Rates for middle distillates gained modestly on the first two days before retreating slightly on the final session, as deals concentrated at the lower end of the prevailing range.

Light ends

• Light ends remained the weakest segment throughout the period, registering the fewest fixtures across all three sessions.

• Rates held flat on the opening day before declining on Tuesday and again on select routes on Wednesday, reflecting the continued lack of spot demand.

• Empty barges in the light ends segment were not prominently flagged during this period, but the absence of meaningful fixing activity left rates without any upward support.

Takeaway: The sustained divergence between middle distillates and light ends reflects a market where cargo availability and charterer intent are heavily skewed towards distillates and renewables. Until light ends demand recovers, rates in that segment are likely to remain under soft downward pressure.

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4. Operational Context: Terminal Delays Return

Terminal disruptions were a recurring feature of the period, particularly in the first two sessions following the long weekend. The key operational themes were:

• Delays were reported at multiple terminals during and after the Kings Day holiday period, including Sea-Tank 300, Eurotank Amsterdam, and Standic Dordrecht, adding to renomination requirements and reducing prompt barge availability.

• The knock-on effect of a busy pre-holiday fixing period meant that most weekend and early-week loading slots were already booked by the time trading resumed, tightening the available pool of prompt vessels.

• By Thursday, operational conditions had normalized, with vessels moving smoothly between voyages and no notable delay issues reported during interviews.

Takeaway: Post-holiday terminal congestion was a temporary but meaningful constraint on new spot deal activity in the first two sessions. The normalization by Thursday suggests the disruption was transitional rather than structural.

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Conclusion

The ARA barge freight market navigated a shortened post-holiday week with reasonable composure. Middle distillates and renewables provided the backbone of activity across all three sessions, sustaining volumes at a solid level despite the truncated trading calendar and recurring terminal delays. Freight rates in the distillates segment managed a brief upward move in the first two days before easing back towards month-end, while light ends continued their gradual softening. As the market heads into another holiday-interrupted period, with Labor Day on 1 May and Liberation Day on 5 May both curtailing the following week’s trading, operators will be mindful of securing coverage early, which may provide a modest near-term support to activity and rates before quieter conditions resume.

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