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The Rhine barge freight market during 2–6 February entered a clear transition phase, as improving water levels gradually eased the logistical pressure that had dominated much of January. While activity levels fluctuated throughout the week, the overall tone shifted from hydrology-driven firmness toward softer freight sentiment, particularly on Middle and Upper Rhine routes.

Charterers increasingly adopted a wait-and-see approach, anticipating higher intakes in the weeks ahead, while operators focused on contractual employment amid subdued spot demand.

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1. Freight Rates: Early Stability Followed by Broad Softening

• Early week (2 February): The market opened quietly, with freight rates largely unchanged across all destinations. Spot activity was minimal as charterers prioritized administrative month-start tasks and barge operators focused on rescheduling vessels delayed over the weekend. Limited deals were concluded mainly on a PJK basis, resulting in a sideways market.

• Midweek (3–4 February): Activity picked up modestly, but pricing became more mixed. While some minor upward adjustments were seen on selected Lower Rhine routes, Middle and Upper Rhine destinations began to edge lower, reflecting improving water level expectations and limited prompt demand. Midweek sessions recorded several downward adjustments, confirming a softening trend.

• Late week (5–6 February): Despite a higher number of concluded deals, freight rates declined further across most routes, particularly upstream. The increased deal count did not translate into stronger pricing, as charterers continued to show caution and operators accepted lower levels to secure employment. Only isolated routes registered marginal upward moves, insufficient to alter the broader downward direction.

Takeaway: Freight rates moved from stable to mixed and then softened, as improving hydrology eased earlier capacity constraints.

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2. Water Levels: Gradual Improvement Changes Market Psychology

Hydrological developments were central to the shift in sentiment:

• Maxau remained comfortably above critical thresholds and was forecast to stay relatively stable, supporting expectations of higher intakes on Upper Rhine voyages.

• Kaub showed short-term volatility but with forecasts indicating potential recovery in the near term.

• The prospect of a larger incoming wave later in February encouraged charterers to delay fixing, reducing urgency in the spot market.

Takeaway: As intake restrictions eased, operators lost some of the pricing power seen in January.

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3. Market Activity: More Deals, Less Urgency

• Activity was very limited at the start of the week, with only sporadic spot enquiries.

• Midweek saw a modest recovery in deal count, driven by routine logistical movements rather than fresh demand.

• By Friday, deal numbers increased further, but this reflected pricing acceptance rather than demand strength, underscoring a softer market environment.

Takeaway: Overall, activity improved in quantity but weakened in pricing influence.

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4. Operational Context: Weather and Delays Remain a Factor

Operational conditions continued to shape trading behavior:

• Ice and cold weather in northern and eastern Germany disrupted traffic in certain regions, limiting flexibility on some inland routes.

• Terminal waiting times remained elevated, keeping barges occupied despite low spot demand.

• Some operators increasingly preferred contractual work over spot exposure, reinforcing the subdued spot market tone.

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Conclusion

The Rhine barge freight market during 2–6 February marked a turning point from January’s hydrology-driven tightness toward a more balanced, and increasingly softer, environment. Improving water levels reduced intake constraints and weakened freight sentiment, even as deal counts recovered later in the week. Charterers remained cautious, anticipating further hydrological improvement, while operators adjusted pricing to secure employment amid limited, prompt demand. As February progresses, the Rhine market appears poised to shift from logistics-led pricing toward a phase where demand visibility will play a more decisive role.

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