SHIPPING TRADE

Dominion, Volume 19, Issue 167, 12 April 1926, Page 7

SHIPPING TRADE

OVERSEAS FREIGHTS CUT BY TRAMP VESSELS WORST OUTLOOK SINCE THE WAR Sydney, April 10. Shipowners and shipping agents interested in overseas trade are preparing to face, during the next few months, the worst situation experienced in the export shipping trade since the war commenced. Rates of freight are being cut by tramp vessels, and there is a pronounced dearth of exports for liner tonnage. The wheat freight, market has been virtually cut to pieces by tramp vessels. Within the last few days an engagement has been made for a vessel to load a full cargo of wheat at Sydney for the United Kingdom at 245. a ton, which is the lowest rate accepted since long before the war. Wheat' parcel rates have also suffered, and are now reduced to 20s. a ton for the United Kingdom, which is the lowest on record since the 1907-8 season. One sign of the- desperate competition which prevails between oversea lines for any Homeward freight is the free storage "which butter exporters are able to. secure at the expense of the shipowner who is prepared to book the butter and accept delivery before the steamer discharges her outward cargo. The butter exporter has the satisfaction of seeing his butter stored in a ship’s insulating space, while the vessel goes to other ports discharging and loading. In many instances a month’s free storage is secured.—Press Assn.