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    BAS   DE000BASF111

BASF SE

(BAS)
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Real-time Estimate Tradegate  -  02:19 2022-09-29 pm EDT
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Rhine water falls again in Germany, river shipping costs rise

08/10/2022 | 04:57am EDT
FILE PHOTO: Low water levels after recent dry weather continue to prevent cargo vessels from sailing fully loaded on the river Rhine in Germany

HAMBURG (Reuters) - Water levels on the river Rhine in Germany have fallen again in hot and dry weather and shipping costs are rising as vessels cut loads to continue sailing, commodity traders said on Wednesday.

Shallow water after the summer heat-wave has hampered shipping on the entire river in Germany since July, along with other European waterways.

The reference waterline level at the chokepoint of Kaub south of Koblenz was at 48 centimetres on Wednesday, said Refinitiv Eikon data, down about 4 centimetres on the day. Vessels need about 1.5 metres of reference waterline to sail fully loaded.

Freight shipping on the river continues, but with vessels sometimes forced to sail three-quarters empty. But the number of vessels still capable of sailing in the shallow water, especially around Kaub, is declining so increasing transport costs for cargo owners, traders said.

Spot prices for transport in a liquid tanker barge from Rotterdam to Karlsruhe south of Kaub rose to about 110 euros a tonne on Wednesday, up 16 euros on Tuesday and up from only around 20 euros a tonne in June before water levels fell, traders said.

Hot and dry weather is forecast this week and no relief is in sight.

Low Rhine water will affect output over the coming month from two major German coal-fired power stations and could cause logistics problems for coal importers.

Chemicals group BASF said on Friday it could not rule out production cuts if low water disrupts logistics.

Navigation authorities do not close the river at times of low water, leaving it to vessel operators to decide when to stop. The Rhine is an important shipping route for commodities including grains, chemicals, minerals, coal and oil products including heating oil.

German companies faced supply bottlenecks and production problems in 2018 from low Rhine water levels.

(Reporting by Michael Hogan, editing by Louise Heavens)


© Reuters 2022
Stocks mentioned in the article
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BASF SE -1.43% 38.85 Delayed Quote.-36.20%
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VESSEL CO., LTD. -0.40% 4920 End-of-day quote.38.59%
WTI -0.36% 81.422 Delayed Quote.8.46%
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Sales 2022 87 439 M 85 407 M 85 407 M
Net income 2022 5 084 M 4 966 M 4 966 M
Net Debt 2022 16 729 M 16 340 M 16 340 M
P/E ratio 2022 7,08x
Yield 2022 8,79%
Capitalization 35 290 M 34 469 M 34 469 M
EV / Sales 2022 0,59x
EV / Sales 2023 0,63x
Nbr of Employees 110 725
Free-Float 99,9%
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Last Close Price 39,42 €
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Martin Brudermüller Chairman-Executive Board
Hans-Ulrich Engel Chief Financial Officer
Kurt Wilhelm Bock Chairman-Supervisory Board
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