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USGC-Chile Clean Freight Rate Hit Multi-Month High on Panama Drought

OIL PRODUCTS

The cost to ship diesel and gasoline from the USGC to Chile has doubled in the last month due to delays at the Panama Canal, according to Argus Media, but higher rates to not seem to hinder trade, Kpler data showed.

  • USGC-Chile clean freight rate hit $101/t this week, the highest level since August 2022.
  • The Panama Canal Authority introduced transit restrictions earlier this month through February amid severe drought conditions.
  • Average wait times for southbound non-booked vessels is currently 6.1 days, the Canal Authority said.
  • Freight premium also accounts for ballast trip back to the US Gulf Coast according to Argus.
  • But rising freight rates have not stopped fuel exporter from the US Gulf Coast from tapping the West Coast Latin America market as refiners return from maintenance.
  • Padd 3 diesel flows to West Coast Latam rose to 304kbpd so far this month, up from 256kbpd in October, Kpler data showed.
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