The Rhine barge freight market in the week of 8–12 December remained stable but subdued, with freight rates largely unchanged and spot activity fluctuating at modest levels. Despite occasional pick-ups in activity toward the end of the week, charterers showed little urgency to secure prompt tonnage, while ample water levels allowed full barge intakes and prevented any tightening in logistics.
1. Freight Rates: Minimal Movement Throughout the Week
Freight rates across the Rhine corridor stayed mostly unchanged, with only isolated downward adjustments on Upper Rhine routes midweek:
- 8–9 December: All routes held fully stable, as limited spot interest and sufficient barge availability kept prices anchored at previous levels.
- 10 December: A small downtick was recorded for Cologne, Frankfurt, and Karlsruhe, while other destinations remained unchanged. Operators cited strong competition among barges and lack of prompt demand.
- 11 December: Rates for Karlsruhe and Strasbourg slipped further, while Lower Rhine destinations remained stable. ICE gasoil expiry and lower product prices weighed on sentiment.
- 12 December: All routes ended the week unchanged, confirming a flat closing session despite slightly improved activity.
Takeaway: Freight rates remained broadly flat, with only brief, modest softening on Upper Rhine routes that failed to gain momentum.
2. Water Levels: Ample Depth Supports Full Intakes
Water levels across the Rhine were consistently high enough to allow full loading capacity:
- Maxau peaked near 590 cm early in the week before gradually easing toward 480–520 cm, still well above restriction thresholds.
- Kaub ranged between 194 and 281 cm, with forecasts pointing to stable or rising levels, enabling full intakes for all destinations.
- Other pegels such as Cologne and Ruhrort also remained comfortably navigable..
Takeaway: Hydrological conditions removed any upward pressure on freight rates.
3. Market Activity: Uneven but Generally Modest
Spot market activity varied day to day:
- 8 December: Only three deals, as operators first dealt with weekend delays and charterers delayed new bookings.
- 9–10 December: Activity improved slightly, with six deals per day, though demand remained described as “calm”.
- 11 December: Activity slowed again to four deals, coinciding with ICE gasoil expiry and lower product prices.
- 12 December: The week closed with six deals, as some barges were fixed for the coming week.
Takeaway: Trading remained patchy and insufficient to move the market directionally as it remained mostly stable.
4. Market Drivers: Year-End Caution and Limited Incentives
Several recurring themes shaped the week:
- Charterers remained cautious, often stating they were sufficiently stocked for this year and in no rush to move additional product.
- ICE gasoil expiry on 11 December had limited effect in the market.
- High barge competition persisted, particularly for prompt dates, limiting operators’ pricing power.
- Biofuel-related delays were reported early in the week but eased and did not materially affect freight dynamics.
Takeaway: Structural caution and oversupply outweighed any short-term activity spikes.
Conclusion
Overall, the Rhine barge freight market during 8–12 December remained firmly in a holding pattern. Freight rates stayed largely unchanged, supported neither by demand nor constrained by water levels. While spot activity showed occasional signs of life, particularly toward the end of the week, charterers continued to act cautiously, citing sufficient inventories and little incentive to commit early. With hydrological conditions favourable and barge availability ample, the market closed the week stable but soft, reinforcing expectations of a quiet run-up to the year-end period.
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