SHIPPING FREIGHTS

Manawatu Standard, Volume XLVI, Issue 111, 10 April 1926, Page 9

SHIPPING FREIGHTS

AUSTRALIAN COMPETITION. OAVNERS’ BAD PLIGHT.' AALRST SITUATION FOR MANY YEARS. (By Electric Telegraph.—Copyright.) Received April 10, 10.30 a.in. SYDNEY, April 10. Shipowners’ and shipping agents interested in overseas trade are preparing to face during the next few months tho worst situation experienced in the export shipping trade since before tbe war. Rates of freight are being cut by tramp vessels, and there is a pronounced dearth of exports for liner tonnage. Tho wheat freight market has virtually been cut to pieces by tramp, vessels.

AVithin 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 24s per ton, which is the lowest rate accepted since long before the war. AVhcat parcel rates have also suffered and are now reduced to 20s per ton for the United Kingdom, which is tlie lowest on record since the 1907-08 season. One sign of rhs desperate competition which prevailed between overseas lines for any homeward cargo is the free storage which butter exporters are able to secure at the expense of tbe shipowner, who is prepared to book butter and accept delivery before tbe steamer discharges her outward cargo. The butter exporter has the satisfaction of seeing his butter stored in the ship’s insulating space while she goes to other ports, dischaiging and loading. In many instances a month’s free storage is secured. —f Association.