SHIPPING FREIGHTS

Otago Daily Times, Issue 19761, 12 April 1926, Page 9

SHIPPING FREIGHTS

SHARP DROP IN AUSTRALIA LOWEST SINCE THE WAR. COMPETITION OF TRAMP STEAMERS. (Press Association—By Telegraph Copyright.) SYDNEY, April 10. Shipowners and shipping agents interested in overseas trade are preparing to face, during the next few the worst situation experienced in the export shipping trade since before the war. The 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 virtually been 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 24s ner ton, which is the lowest rate accepted since long before the war. Wheat parcel rates have also suffered, and are now reduced to 20s per ten for the United Kingdom, which is the lowest on record since the 1907-08 season. One sign of the desperate cpmp?ti|tion which prevails between the overseas lines for any Homeward cargo is the free store which butter exporters are able to secure at the expense of the shipowner, who is prepared to book butter and accept delivery before the steamer discharges her outward cargo. The butter exporter has the satisfaction of seeing his butter stored in the ship’s insulating space while she gobs to other ports discharging and loading. In many instances months or free storage is secured.