Biofuel Freight: Rhine Below Zero, North-West Europe in Command

Biofuel freight is climbing again. Every route in our sample has rebounded since late August and sits well above January levels. Barcelona to ARA leads at USD 370,000, up 64% year to date, after a summer slide that wiped close to 40% off its late-April peak. Bilbao to ARA (+50%) and Lisbon to ARAG (+48%) follow, while Barcelona to Lavera is back near its spring high at USD 175,000.

The real story is inland: the Kaub gauge has dropped below zero for the first time on record, with no recovery forecast before mid-October. Volumes bound for Germany and Switzerland are the ones to watch.

Next week, the market meets in Vienna for EPCA. Expect a quiet tape and a clearer view of year-end.

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