Via Bloomberg News:
The Rhine River fell to record lows over the weekend, threatening transport on a key shipping corridor for energy and industrial commodities across central Europe.
The water level at Kaub fell on Saturday to 3 centimeters (1.2 inches) below a key threshold used by ship operators to determine how much cargo their vessels can safely carry without risking damage or running aground.
There was a slight recovery on Monday at the critical chokepoint for coal, fuel and industrial commodities, with levels reaching 2 centimeters, according to data from the German Federal Waterways and Shipping Administration.
Even so, the cost of shipping diesel from Rotterdam to Karlsruhe on Monday hit a record €260 per ton after more than doubling this month as dry conditions lingered, according to data compiled by Bloomberg.
The Rhine is dotted with major chemical plants, refineries and steel factories from BASF SE, Bayer, Covestro AG and Shell Plc, and serves as an important transportation route connecting European factories with global markets.
Western Europe’s hottest summer has brought repeated waves of heat and drought, sharply reducing water flows into the Rhine. The months-long disruption has forced some chemical producers to curb output or declare force majeure on certain products, adding to the strain on the industry as it grapples with weak demand, high energy costs and intensifying competition.
Seems like news has been bad for the European chemical industry for quite some time. Here's hoping things turn around.