New-York tribune., 1922-09-03
Freight Rates
Soften as Coal
Vessels Arrive
Gulf Wants Tonnage
Increase in Output of u. S.
Mines Causes Importers
to Hold Back Coal Orders

The ship charter market was slower
during the week and rates were softer,
due to the excess Of tonnage arriving
in New York with coal cargoes from
Great Britain. These vessels are seek
ing return cargoes and are reluctant
to go to Montreal or to Gulf ports,
where there is considerable demand
for grain space. In the absence of
| shipments from this and nearby ports
| many steamers face the alternative Of
accepting lower rates or of making
the outward voyage in ballast. Ship
pers are making offers which the com
panies in some instances, however, are
refusing to take.
In the last three weeks approx
mately sixty vessels have reached New
York with coal. At least 100 more will
arrive during September. These aggre-
gate approximately 100000 tons of
space, for which comparatively small
proportion of cargo is offered, A re-
view of the market by Funch, Edge &
Co gives the following analysis of the
situation:
GRAIN situation in the grain
market is much the same as previously
reported, the available orders being
mostly for Gulf loading, with a fair
demand also from Montreal and prin-
cipally to Mediterranean ports. Rates
generally continue soft, especially for
September loading, although in one or
two cases shippers had to come up on
their prices Montreal to Continent is
quoted at IL hc for September loading
and 171ac to Italy is being offered for
same loading, while 1Sc has been of
feredfor last half October tonnage;
21c vase paid Montreal to Greece on
part Of the Greek contract recently
awarded, and additional tonnage is
wanted for September at the same fig
ure. Shippers apparently cannot in
terest steamers at anything like their
original quotations. Gulf rates are
about the same as last quoted. Owing
to bunkering difficulties tonnage ap
parently is not keen for loading in
the Gulf at present.
COAL-It has been much quieter
week in the coal market and buyers
generally are showing reluctance to
buy additional foreign coal for the
present, they feel the prospects are
considerably improved for getting
domestic supplies. Consequently there
has been some falling off in the de-
mand for tonnage, although freight
rates remain unchanged so far. 1t is
thought probable, however, that buyers
will come into the market again in
week or so, as it may develop that adj
ditional British coal must be imported
because of the fact that the railways
may be unable to provide adequate
transportation to meet the urgent need
for prompt coal at Atlantic Coast
ports and In New England. There is
some renewed demand for British
tonnage for coal from Sydney, G. B.,
10
strike which has been in effect at the
Sydney mines now seems to be in,
fair way to be settled and work is ex
pected to be resumed next week. This
business paws 6ec Canadian currency
per ton on single deck steamers and
55c for tween-deckers. with free load
ing and trimming and FIRE discharge.
SUGAR-The only new European
business which developed since our last
report is 6,000-ton requirement from
Cuba TO Marseilles for September ship
ment, on which 22s Sd is indicated. A
cargo also was offered from north side
Of Cuba to United States port north
of Hatteras for September loading, and
one fixture is reported at 14c on SINH
lar business.
tinue to offer freely to United States
Rates offered at present are aobut
S12.50 per 1000 feet to United States
ports, but shippers ideas are higher
than before on Montreal cargoes, s15
being indicated on one cargo recently.
This freight requires British tonnage.
however, which appears to : be rather
scarce on the Coast at present. One
Norwegian was fixed at S12.25 per 1000
feet from British Columbia TO United
States Atlantic port for September
loading. The Gulf-Plate market shows
no real demand One fixture is report
ed at 17os for September loading,
Deals from Canada United Kingdom
also are inactive at the present time.
TIME ECHARTER-Small steamers are
again wanted in West India trade, but
practically no demand is found for
time charter boats in other trades. and
comparatively cheap tonnage has been
Offering recently without success.
RI