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Rhine Barging Trends: Low Demand Meets High Water in a Softening Market

As May turned into June, the Rhine barge freight market continued its gradual correction, with rates falling across nearly all destinations. Backwardation remained a firm ceiling on freight appetite, while a steady rise in Rhine water levels unlocked higher intakes—further pressuring prices. Over these six trading days, freight market activity remained tepid, even as logistical conditions became more favorable.

1. Freight Rates Slide to Multi-Month Lows

Across the Upper and Middle Rhine, freight rates saw consistent daily declines, culminating in a significant markdown by June 4:

  • From May 30 to June 4, rates fell steadily across key destinations like Frankfurt, Karlsruhe, Strasbourg, and Basel

  • Notably, Basel dropped by over 30% across the period—reflecting the compounded effect of higher load intakes and continued weak demand.

  • By June 4, rates across most destinations touched their lowest levels in months, underscoring how much current fundamentals are diverging from earlier spring peaks.

Takeaway: We are seeing a full recalibration of the Rhine barge market, with rates adjusting to a “new normal” of high-capacity transport amid limited market urgency.

2. Water Levels Support Bigger Volumes, But Not More Demand

One of the defining features of this week was the remarkable rise in river water levels:

  • Maxau crossed the 550 cm mark by June 4, while Kaub surged to 256 cm—depths not seen since February.

  • These water levels allowed barge operators to offer significantly larger intakes—up to 2500 tons per trip for Upper Rhine routes.

This logistical tailwind made freight cheaper per ton, as fewer trips were required and vessel efficiency improved. However, this didn’t translate into a demand spike.

Takeaway: Physical infrastructure supported higher volumes—but economic rationale didn’t support higher throughput.

3. Backwardation and Economic Uncertainty Dampen Spot Activity

The market remained shackled by the prevailing backwardation in product prices, limiting speculative buying and inventory buildup.

  • Traders continued to work on a back-to-back model, avoiding forward-loading unless prompted by contractual needs.

  • Importers were largely unmotivated to secure large volumes, even at discounted freight rates.

Freight operators reported more available tonnage than takers, especially upstream, despite the improved navigability of the Rhine.

Takeaway: In an environment where economics trump efficiency, better loading conditions don’t equate to more fixtures.

4. Low Trading Volumes and Selective Participation

Trading activity remained subdued throughout the week, with very few days exceeding double-digit spot deals:

  • Only 4 deals were logged on June 3, which is traditionally one of the more active days.

  • Even on days with slightly higher fixture counts (e.g., May 30 and June 2), most players were cautious and waiting for more signals before engaging further.

Some deals were closed at PJK B/L dates, reflecting the preference for fixed operational planning over speculative trade.

Takeaway: A wait-and-see attitude dominated, with participants favoring clarity and structure over opportunistic scheduling.

5. External Disruptions Add Complexity, Not Urgency

While not dominant factors, the week saw a few operational disruptions worth noting:

  • A collision on the Dortmund-Ems Canal raised concerns about shipping delays near BP Lingen.

  • An outage at BP Rotterdam’s CDU unit added to regional uncertainty in product flows.

However, these incidents did not lead to a meaningful uptick in barge demand, further highlighting how muted sentiment remains.

Takeaway: Disruptions are currently background noise rather than demand drivers in the barge market.

Conclusion: A River Running Smooth, But Quiet

The Rhine barge freight market has entered a phase of logistical efficiency but commercial restraint. Improved water levels are making transport easier—but not necessarily busier. Rates are falling, but not from lack of infrastructure—rather, from a lack of incentive.

For barge operators, traders, and logistics planners, the message is clear: monitor the fundamentals closely, but be prepared to respond quickly when either economic sentiment or product dynamics start to shift. Until then, the story is one of still waters—and slowly sinking rates.

ARA Freight Trends: Stable Surface, Structural Strain – A Market Caught Between Planning and Pressure

As May turned to June, the ARA barge freight market held its footing in a week that reflected both resilience and inertia. Amid moderate volumes, rates remained largely unchanged or declined slightly, particularly for middle distillates. However, behind the calm veneer, terminal delays, operational bottlenecks, and cautious forward planning continued to weigh heavily on fresh market engagement.

1. Freight Rates Drift with Minimal Adjustments

Across the reporting period, most freight rates remained flat or exhibited minor declines, depending on route and product:

  • Cross Harbor rates were among the few to experience light day-on-day erosion—from approximately €5.03/ton on May 30 to €4.85/ton by June 4.

  • Rates for Antwerp–Amsterdam and Ghent–Rotterdam also edged lower, with changes more pronounced for middle distillates than for light ends.

  • Notably, light ends rates remained exceptionally stable, with negligible changes throughout the week.

Takeaway: The market absorbed operational frictions without dramatic repricing, but subtle pressure on distillate rates hints at shifting product dynamics.

2. Terminal Delays and Infrastructure Headwinds Persist

A constant theme throughout the week was the continued strain on terminal logistics:

  • Reports indicated waiting times of up to three weeks at key hubs in Amsterdam and Antwerp, which constrained barge turnover and limited loading availability.

  • Even with this imbalance, pricing remained soft, as demand failed to match potential capacity utilization.

  • These delays led to a growing reliance on PJK B/L and lump sum basis deals, reducing transparency in rate discovery and impeding liquidity.

Takeaway: Freight economics remain subdued, not due to barge shortages, but because of persistent infrastructure drag and operational unpredictability.

3. Spot Volume Fluctuations Reflect Planning Over Pacing

Daily spot volumes oscillated, ranging from 46.4kton to 59.5kton, with the highest activity recorded on June 3.

  • May 30 and June 3 stood out for having the strongest transactional days, but this momentum was largely driven by clearing prior negotiations rather than new spikes in demand.

  • The first week of June also marked a shift toward forward bookings for the Pentecost weekend, with several players focusing on June deliveries rather than prompt execution.

Takeaway: Behind relatively healthy volumes lies a more conservative strategy: participants are pacing activity and reducing exposure, rather than ramping up flows.

4. Demand Remains Tepid Across Products

Even with active days, true spot demand was lackluster:

  • Reports highlighted a lack of urgency in product movements, especially in gasoline components and middle distillates.

  • Refinery disruptions—such as CDU outages at BP Rotterdam—added background tension but failed to materially lift barge demand.

Takeaway: Product availability is not the limiting factor—demand hesitancy and macroeconomic caution are holding the reins.

5. The Pricing Mix Shows Convergence

By the end of the week, the freight rate gap between different routes and products narrowed further:

  • Cross Harbor and Ghent–Amsterdam rates moved into closer proximity, suggesting margin compression across the region.

  • Meanwhile, deals often closed within tight bands (e.g., €6.60–€6.80 on Antwerp/Amsterdam routes), reinforcing the sense of a functionally flat market.

Takeaway: With rate spreads narrowing, arbitrage opportunities are becoming less attractive, reinforcing the conservative stance of most traders.

Conclusion: A Market in Standby Mode

This week’s ARA freight market has operated under a cloak of normalcy, yet the structural frictions remain unresolved. Terminal congestion, sluggish product demand, and a lack of pricing volatility all contribute to a freight environment that’s functioning, but far from flourishing.

Looking ahead, market participants will be watching for:

  • Terminal decongestion as a potential unlock for more agile freighting.

  • Post-Pentecost rebalancing, which may stimulate fresh spot demand.

  • Refinery operations and how outages or restarts shift the load mix.

Until then, the ARA barge market remains a case study in tactical patience and cautious logistics.

Contango on the Horizon? Navigating the Turning Tide in Oil Storage Economics

By Lars van Wageningen, Research & Consultancy Manager

May 2025 was marked by significant volatility in global oil markets, with Brent crude prices flirting with multi-year lows, forward curves flattening into contango, and trade flow disruptions affecting key hubs. While backwardation still defines the prompt structure, a deeper contango emerges beyond Q4 2025—a signal of shifting market fundamentals. For tank terminal operators, this environment demands strategic recalibration toward future storage plays, flexible infrastructure, and adaptive commercial models.

1. Price Weakness and Forward Curve Flattening

Brent crude hovered between $62.13 and $64.53/bbl throughout May, pressured by ongoing geopolitical uncertainty, OPEC+ supply increases, and a fragile macroeconomic outlook. On May 2, Brent dropped below $60/bbl, the lowest in four years, before modest rebounds later in the month.

Key trend: While spot prices stayed depressed, forward spreads gradually narrowed, and by mid May, Brent calendar spreads showed contango developing from 2026 onwards

Strategic takeaway: Terminal professionals should prepare for a shift from prompt-driven demand to future-oriented storage inquiries. This is a critical time to reassess contract structures and evaluate potential tank reconfiguration to align with longer-dated storage demand.

2. Storage Economics Still Underwater—But Signs of a Turn

Despite forward-looking contango, break-even storage rates remained negative across all products in May, especially gasoline and gasoil:

  • RBOB M1-M6: ranged from -€9.33 to -€10.07

  • Gasoil M1-M6: ranged from -€3.09 to -€3.52

  • Jet kerosene M1-M6: consistently around -€3.70 to -€3.91

The charts on page 3 across all reports confirm persistently unprofitable contango storage throughout May, despite some improvement in longer-term spreads.

Strategic takeaway: Tank terminals should remain focused on throughput services while preparing operationally for a potential contango play in 2026. Scenario planning for price curve shifts is no longer optional—it is essential.

3. Product Cracks Reveal Divergent Market Dynamics

Product crack spreads throughout May were a mixed bag:

  • Gasoline and HSFO saw support from tighting of the market due to export opportunities (gasoline) and and slowdown in imports (HSFO).

  • Middle distillates like diesel and jet fuel showed bearish tendencies as imports into Europe increased, but this can get under pressure due to a closed arb and slowdown in imports for June.

  • Cracking margins hovered between $8.03 and $11.62/bbl, with hydroskimming margins remaining negative throughout

According to page 9 commentary in the May 16 and May 30 reports, light ends benefitted from ARA exports to the US and Africa, while middle distillates suffered from inventory overhangs and closed arbs from Asia.

Strategic takeaway: As margins vary across the barrel, tank terminals must enhance product flexibility—supporting blending, switching, and short-term repurposing between distillates and gasoline pools.

4. Emerging Trade Flow Shifts and Demand Signals

May trade flow insights reveal significant structural adjustments:

  • Fuel oil: Increased regional demand for ULSFO in the Med and summer power generation demand in the Middle East and Egypt supported prices, yet arbs to Asia remained shut due to high transport costs and saturated markets.

  • Middle distillates: US distillate stocks rebounded but remain low, closing some export opportunities to Europe, while demand up the Rhine remained steady. Europe continued importing from Middle East and India to compensate for local refinery outages.

  • Gasoline: Export routes from ARA to North America and West Africa remained active, although at lower levels compared to previous years. Stocks in ARA dropped in early May but rebounded due to incoming cargoes and refining restarts.

Strategic takeaway: Trade imbalances are increasingly regional and seasonal, making it vital for tank terminals to adopt flexible scheduling and logistics management systems to match product flow shifts.

5. Market Sentiment Turning, but Not Yet Translated to Tank Economics

Forward curve outlooks across May consistently echoed a growing belief in storage demand growth from 2026. Spot backwardation remained intact but eroded slightly week-over-week.

  • The May 30 outlook noted the market was absorbing a 2.2mbpd surplus for now, but anticipated stock builds may trigger deeper contango later.

  • Calendar Spread Options (CSOs) for WTI crude Nov/Dec 2025 surged to $1.60–$2.00/cbm, reflecting early hedging and speculative positioning.

Strategic takeaway: Commercial teams at tank terminals must start engaging counterparties today for forward storage deals, especially with counterparties active in the CSO and futures market.

Conclusion: Ready for the Pivot

While the storage economics of May 2025 remain unfavorable, contango is creeping back—not yet at the front end, but visibly on the horizon. For tank terminals, this is the moment to:

  • Invest in future-proofing infrastructure

  • Increase contractual agility

  • Prioritize data-driven positioning strategies

The market is poised to pivot. Terminals that act on early signals—rather than waiting for headlines—will own the advantage in the next cycle.

ARA barge market recap: mixed signals and steady freight in a logistically challenging week

By Lars van Wageningen, Research & Consultancy Manager

The past week in the ARA (Amsterdam-Rotterdam-Antwerp) barge freight market has been marked by a mix of strategic calm and logistical noise. From May 7 to May 12, Insights Global’s freight reports painted a picture of a market negotiating the dual pressures of terminal delays and diverging product demand, while still maintaining a relatively stable pricing environment.

1. Freight Stability Amid Fluctuating Fundamentals

Across the five days of reporting, ARA freight rates remained remarkably steady. While there were day-to-day rate adjustments on specific routes and products, the overall market tone was one of resilience rather than volatility.

  • Middle distillates experienced minor fluctuations, reflecting shifts in operational execution and barge availability.

  • Light ends, particularly gasoline and naphtha, showed stronger transactional consistency and kept rates buoyant.

Takeaway: The ARA market displayed maturity in its pricing behavior, reacting moderately to operational stressors without succumbing to major swings.

2. Light Ends Dominate Market Activity

The strongest momentum was observed in the light ends segment, with consistent volumes and transactional depth across routes:

  • From midweek onward, light ends consistently outpaced middle distillates in total traded volumes.

  • Finished gasoline and gasoline component shipments formed the backbone of this trend, showing robust demand as the summer season approached.

This demand differential also narrowed the historical spread between light ends and middle distillate freight rates.

Takeaway: ARA barge operators saw more action in gasoline logistics, highlighting the seasonal shift and refinery output alignment.

3. Persistent Logistical Bottlenecks at Terminals

A recurring theme throughout the week was the influence of terminal delays—particularly in Antwerp and Amsterdam—on freight negotiations and barge deployment.

  • Barge operators reported growing difficulties in planning and execution, with extended waiting times hampering day-to-day flexibility.

  • These delays added an invisible layer of cost and complexity, often limiting the number of new fixtures that could be concluded on any given day.

Takeaway: Infrastructure challenges are not only slowing operations but also muting market responsiveness. Freight deals were often shaped more by availability than by appetite.

4. Supply Constraints Cushion Against Demand Dip

Interestingly, while some freighters reported lower incoming requests, this was counterbalanced by limited availability of vessels ready for prompt loading. The result was a functional equilibrium that helped:

  • Maintain upward momentum in middle distillate rates on certain days (notably May 8).

  • Keep light ends rates stable despite an increase in cargo availability and fixture activity.

Takeaway: Even in the face of reduced demand, tight supply dynamics kept rates from softening significantly—underscoring the importance of barge positioning in short-sea logistics.

5. Weekends Bring Volume, Not Volatility

The week closed with a healthy volume of fixtures, particularly in the light ends category. Despite this, the market did not see large price adjustments—indicating that supply and demand are reasonably well-aligned for now.

  • Friday (May 9) and Monday (May 12) were both busy in terms of concluded deals, but neither saw dramatic shifts in price levels.

  • Freight rates on high-traffic corridors like Rotterdam–Antwerp and Ghent–Amsterdam held firm.

Takeaway: The freight market may be bracing for change, but for now, it’s moving with caution and control.

Conclusion: Operational Efficiency Over Opportunism

This past week in the ARA barge market showcased a logistics-driven equilibrium, where freight rates served more as a reflection of operational constraints than speculative price swings. For industry professionals, the key signals to monitor going forward will be:

  • Terminal throughput normalization, which could unlock more flexible freight supply.

  • Seasonal shifts in product demand, especially for motor fuels.

  • How operators balance vessel availability with reliability concerns.

In a climate where logistical execution increasingly determines commercial outcomes, staying close to the market pulse through platforms like Insights Global’s Barge INSIGHTS will be critical for forward planning.

Rhine freight market outlook: A week of fluctuating waters and stable strategies

By Lars van Wageningen, Research & Consultancy Manager

Over the past week, the Rhine barge freight market has demonstrated a delicate balance between operational resilience and environmental volatility. Insights Global’s daily freight reports from May 7 to May 12 reveal a market where water levels, logistical challenges, and booking behaviors shaped a nuanced trading environment. Below, we explore the main developments and what they signal for barge operators and traders moving forward.

1. Market Stability Masking Tactical Adjustments

At a glance, rates remained relatively stable throughout the week for most destinations, with only marginal day-to-day adjustments. However, a deeper look shows that this stability is underpinned by a series of tactical decisions by both importers and barge operators.

  • Early in the week, lower freight rates—particularly driven by a short-lived wave of higher water levels at Maxau—encouraged opportunistic bookings.

  • Later in the week, negotiations often stalled due to uncertainty about draft limitations as water levels began to recede again, affecting loaded volumes and contributing to more cautious planning.

Takeaway: The apparent calm belies a market where participants are carefully timing their engagements based on short-term hydrological shifts and terminal availability.

2. Water Levels and Freight Sensitivities

Water levels along key measuring stations like Kaub and Maxau remained a central concern. After a brief increase, forecasts indicated a consistent downward trend by week’s end, particularly at Kaub, where the draft is a critical factor for larger barges.

  • Water draft limitations directly impacted loadable volumes, which in turn influenced freight rates due to reduced economies of scale.

  • The variability in draft conditions contributed to a widening of rate differentials, especially for long-haul routes into Switzerland, where rate adjustments became more pronounced.

Takeaway: In a river system like the Rhine, where operational efficiency hinges on water depth, even minor fluctuations can result in noticeable shifts in freight economics.

3. Terminal Delays and Logistical Constraints

While ARA port congestion showed some signs of easing at the beginning of the week, significant waiting times persisted in key hubs like Amsterdam and Seatank Antwerp. As the weekend approached, new bottlenecks were reported in Bottrop and Gelsenkirchen, further complicating scheduling.

  • These delays continued to disrupt vessel turnaround and limited the availability of tonnage for fresh bookings.

  • The resulting uncertainty discouraged some participants from engaging in new freight deals, even when rates appeared attractive.

Takeaway: Port performance remains a critical external factor affecting freight market fluidity, and its ripple effect on pricing and availability should not be underestimated.

4. Basel: The Outlier Destination

Among all destinations, Basel stood out for its notable rate movements. Midweek saw a moderate correction, but by Monday, deals for Basel exhibited higher average values again, likely in response to reduced loading capacity caused by the river’s decreasing depth.

  • The week closed with Basel as the only destination with a marked uptick in rates, contrasting with the general trend of flat or softened pricing elsewhere.

Takeaway: Basel continues to act as a barometer for upstream logistical strain, often amplifying the effects of hydrological and operational constraints seen elsewhere on the Rhine.

5. A Week Defined by Selective Activity

With only a handful of deals concluded daily—ranging from four to eight across the week—the overall market was relatively quiet in transactional terms, but not inactive in strategic positioning.

  • Buyers focused on securing volumes ahead of the summer season, while barge owners looked for windows of improved loading efficiency.

  • Freight rates for gasoil and gasoline showed some directional divergence depending on product-specific demand and route characteristics.

Takeaway: Despite low transaction volumes, the week reflected a market in motion—quietly reshaping itself under the pressures of seasonality, river conditions, and infrastructure reliability.

Looking Ahead

As we move deeper into May, attention will remain firmly fixed on Rhine water levels and terminal throughput performance. For barging professionals, the key lies in maintaining flexibility—both in routing and in scheduling—to navigate this complex matrix of variables. In this dynamic environment, being well-informed is not just advantageous—it’s essential. As always, Insights Global continues to monitor and interpret these movements to support smarter, faster, and more resilient decisions in liquid bulk logistics.

European refining margins lagging, more closures expected?

As of April 2025, Europe’s refining industry is navigating a landscape of further diminishing margins, influenced by a combination of economic pressures, policy shifts, and global competition. This downturn is prompting significant strategic adjustments within the sector, which is already coping with various closures seen in the past months and more to come for 2025 and beyond.

Current State of European Refining Margins

In 2024, European refining margins experienced a notable decline. Northwest Europe’s ultra-low sulphur diesel margins, for instance, decreased from $42 per barrel in 2022 to $29.71 per barrel in 2023. Its cracking margins remained on low levels during 2023 and 2024 which means the region could no longer remain competitive compared to other key regions. This downward trend is also attributed to factors such as reduced local European demand due to the energy transition and electrification, increasing competition from new refineries worldwide, and elevated operating costs stemming from stricter emissions regulations. ​

Potential Consequences

The sustained pressure on margins is leading to significant restructuring. For example, ExxonMobil announced plans to downsize operations at its Port-Jerome complex in France while BP is scaling back its Gelsenkirchen refinery in Germany by a third (and open for interested buyers to acquire the facility). Ineos will shut down its Grangemouth refining this spring and Shell has turned off the crude distillation units at its Rheinland Wesseling site in March, which could drop total refining capacity in the Northwest European region by 650.000 bpd. This could weaken the European competitiveness of the region and increases its reliance on imports from other regions, increasing vulnerability to and volatility of prices, product availability and importance of the supply chain.

The introduction of tariffs and changing trade policies are reshaping global oil flows. European refiners may find opportunities in markets previously dominated by U.S. exports, but also face heightened competition from new refineries in regions like West Africa (Nigeria, Angola) and Latin America (Mexico, Argentina). This is already leading to a downturn in gasoline export out of key hubs in ARA and a steady flow of (more cost-effective) jet fuel from Nigeria’s Dangote refinery to the US Gulf Coast.

European refiners are increasingly investing in renewable energy projects to align with the energy transition. However, falling profits are testing the viability of these green initiatives, with various projects facing delays or cancellations due to economic constraints. ​The latest examples include postponing SAF production by BP in its Spanish refinery and various (green) hydrogen initiatives in the region.

In conclusion, Europe’s refining sector is at a pivotal juncture, contending with declining margins and the obligation to adapt to a rapidly evolving global energy landscape.  Strategic decisions made now will be crucial in determining the future resilience and competitiveness of the industry.

Barge volumes, prices, & disruption: navigating the impact of NW Europe refinery closures

Refinery closures in North-West Europe are triggering significant shifts across the liquid bulk supply chain. With capacity reductions and structural changes taking place, market participants are facing growing uncertainty in product availability, trade flows, and barge utilization.

Clean ammonia market outlook: risks, realities, and infrastructure opportunities

By Patrick Kulsen, CEO, Insights Global

As the global push for decarbonization accelerates, clean ammonia has emerged as one of the most promising hydrogen carriers. Yet, beneath the optimism lies a complex and uneven market landscape—especially for those in the tank terminal industry.

During the Clean Ammonia Storage Conference in March 2025, we shared critical insights on the current state and future of clean ammonia, with a focus on storage dynamics. Here’s what tank terminal professionals need to know now.

Clean ammonia today: trade is decreasing

Ammonia is primarily used in fertilizer production—but clean ammonia (produced with renewable energy or low-carbon hydrogen) is increasingly eyed for applications in power generation, shipping fuel, and as a key enabler of the hydrogen economy.

Global demand has remained stable, with significant import needs across Asia, North-Africa, Europe, and North America. Independent storage infrastructure is still small compared to global trade of 15Mton. Our research shows that current global ammonia tank terminal capacity sits at approximately 1.35 million cbm, with Europe holding the largest share.

Trade flows are evolving—but terminal readiness is uneven

Ammonia trade flows remain concentrated, with major exports from countries like Trinidad and Tobago, Saudi Arabia, and Indonesia. Imports are dominated by India, Morocco, and the U.S.. This concerns mainly gray ammonia, produced from fossil fuels. The big promise is the development of green ammonia supply chains as part of the energy transition.

However, many planned terminal projects, aimed at facilitating these green ammonia flows, remain in early development stages—often lacking final investment decisions (FIDs), clear start dates, or capacity details. According to plans a wave of projects will come online between 2026 and 2030, adding at least 0.9 million cbm of capacity, particularly in Europe.

Market headwinds: Project realization rates are low

Despite aggressive decarbonization goals, less than 10% of green ammonia and hydrogen projects have been realized so far. Why? High production costs, limited offtake commitments, and an overall lack of willingness to pay premium prices.

Adding to the challenging investment environment is the recently installed Trump administration which is reshuffling priorities away from the energy transition to “drill-baby-drill”.

For tank terminal stakeholders, this translates into uncertainty—but also opportunity. The market may be slower than hoped or go in other directions, but those who anticipate infrastructure needs now stand to benefit most when momentum returns.

What’s next for tank terminals?

Terminal operators should carefully monitor developments in:

  • Green corridors for maritime shipping

  • Industrial hubs planning hydrogen/ammonia integration

  • Emerging regulations supporting clean fuel mandates

Storage players with flexibility and the ability to scale quickly will be best positioned to support the evolving ammonia supply chain.

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The outlook for European liquid bulk logistics sector in 2025

The European liquid bulk sector, consisting of tank storage, tanker vessel and barging transport logistics, is dependent on global trade and is therefore influenced by geopolitics. Looking at current developments we conclude that there is a shift from globalization to global competition. The three major economic blocks, the US, China and the EU, are increasingly competing for economic power. In this race the EU is falling behind. The reason for this lag in economic development can be attributed to high energy prices, a strategic dependence on imports of critical raw materials, a poor track record of breeding high value innovative technology companies, and complicated, slow and indecisive decision making processes in the EU Council.

The report on EU competitiveness made by Draghi pinpoints three transformations that are needed to increase competitiveness: accelerate innovation and find new growth engines, bring down high energy prices while continuing to decarbonise, and cope with instable geopolitics by reducing dependencies and increasing defence investments. For Energy Intensive Industries and the transport sectors in Europe the report formulates a number measures along this line. Generally speaking the measures aimed at combatting high energy prices, aimed at supporting the automotive sector and aimed at spurring investments in chemical business and hydrogen are positive for tank storage and liquid bulk transport companies as business in chemical industries is supported. Hopefully these measures will be a priority for the European Commission and the European Council in the months and years to come. Much is at stake: our wealth, independence and way-of-life are under threat!

Short term market fundamentals are less favourable for tank storage and tanker transport markets. Oil prices are less volatile and the market is in backwardation. Natural gas prices are about four times as high compared to US markets leading to high marginal cost levels compared to other major competing regions. Petroleum refining and steam cracking margins are also depressed. The bearish market sentiment has translated into a lot of announced closures in Europe. Refineries and chemical plants across the continent are closing operations in a push to rationalize capacity. The effect on business is negative as this means less transport volumes and thus less need for tank storage capacity and shipping capacity. Our research has already confirmed decreasing tank storage rates and freight rates compared to previous periods. 2025 is set to become a difficult year for the liquid bulk supply chains and logistical operators in Europe.

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Insights Global / PJK International successfully completed 2nd independent assurance review of ARA CPP and Rhine Barge Freight Rate benchmark prices

Insights Global / PJK International has successfully concluded its second external assurance review of its benchmark prices for ARA CPP and Rhine Barge Freight Rates.

The independent review, conducted by an external auditing firm, assessed the policies and processes used by Insights Global / PJK International to evaluate oil product transportation costs via inland barges in Northwest Europe.

These policies and processes were developed in alignment with the Principles for Price Reporting Agencies (PRAs) established by the International Organization of Securities Commissions (IOSCO) in October 2012.

Recognized by the G20 in November 2012, the IOSCO PRA Principles have been incorporated into the EU Benchmark Regulation (BMR).

These principles set comprehensive standards for governance, quality, integrity, control, and conflict management for commodity benchmark price assessments.

Compliance with these standards requires annual external audits. Insights Global’s price assessment methodologies and policies are available here.

The audit report can be provided upon request.

Patrick Kulsen’s exclusive interview with Inspenet: a deep dive into Insights Global’s market expansion

We are excited to announce that Insights Global is featured in an exclusive interview with Inspenet. This interview provides an in-depth look at our strategic initiatives, market insights, and our plans for expanding our presence in the U.S. market. Learn from our experts as they discuss the future of the liquid bulk and terminal industry, and how our advanced data-driven solutions are shaping the landscape. Don’t miss this opportunity to gain valuable knowledge and stay ahead in the industry.

In this interview, Patrick, our Managing Director, delves into the evolution of our company from its European origins to becoming a global leader. He shares insights on our commitment to innovation, the challenges and opportunities in the liquid bulk sector, and our vision for the future. This candid conversation is a must-watch for anyone looking to understand the dynamics of the industry and how we are positioning ourselves to provide unparalleled value to our clients worldwide.

Watch the interview here.