Market sources updated the situation related to the Iranian-flagged container vessels, Shahraz, that ran aground in Singapore Strait around 1900 UTC on May 10. Shahraz stranded after collision with Indonesian bulk carries, Samudra Sakti I. According to a local Chinese PE trader contacted by SSESSMENTS.COM, Shahraz with a total capacity of 6,572 TEU is transporting polyethylene destined to Shanghai Yangshan Port. The estimated Iranian PE resins that Shahraz is transporting accounts between 20,000-50,000 tons which includes Jam Petrochemicals, PG and BCCO’s materials, with the following grades 52518, 5110, 2119,2047A, 2420F3 and EX5.
The shipping company is currently coordinating the transfer and expects a two-week delay in arrival, a second trader based in Shanghai told SSESSMENTS.COM. While Shahraz’s accident viewed by a trader as a way to ease the ample supply in some extend and taking the opportunity to raise PE offers to test buyers’ response, several market players were still unable to estimate the full impact of the accident on the Chinese PE market.
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