LNG Market
The beginning of the week was slow with few reported cargoes, after a partial shutdown in the Freeport facility due to the recent hurricane. Some ships are now sitting idle. Despite this lack of fixing in the Atlantic, the Pacific market begun to move and at the end of the week a cargo fixing in the market pushed rates up quite significantly.
For BLNG1 Aus-Japan on the 160cbm TFDE a rise of $11,200 and a close of $56,400 did well but the modern 2-stroke 174cbm fared better with a rise of $14,100 and final publication at $70,200 the fixture that drove the rise has widened the delta between the two ships now to $13,800 up $3,000 from last week.
As the Atlantic was quieter and the partial shutdown in Freeport persists, rates took a slight fall and BLNG2 Houston-Cont lost $8,900 on the 174cbm 2-stokes to a close of $78,800 while the TFDE 160cbm finished down $7,100 at $60,900. The Houston-Japan BLNG3 was flatter but both ships finished down at $93,00 and $78,800 on the 174cbm and 160cbm respectively.
Period was muted, little change kept rates flat, the 6-month term is up $100 at $103,000, 1 year terms up $34 at $83,867 while 3-year was flat at $84,000.
LPG Market Update
The summer has fully kicked in now with a quiet week overall for LPG. Rates have fallen, although at a slower pace than recent weeks and without as much of a drastic drop as well. Out in the MEG for BLPG1 Ras Tanura-Chiba a fall of $3.857 gave a final publication price of $52.429 and a daily TCE earning equivalent of $31,119. There was a recent release of acceptances and although we have yet to see anything materialise, there ought to be some August fixing coming up in the new week.
The Atlantic market this week held sway showing around four of the reported seven total fixtures, rates did not fare much better than out in the MEG. For BLPG2 Houston-Flushing, some brokers reported very low rates being bid, but offers held out and rates fell by $2.1 only to a close of $49.9 and a daily TCE earning of $43,229. The BLPG3 Houston-Chiba dropped $2 and a close of $91.857 and a TCE earning of $28,538 will probably have many looking forward to the weekend.
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Source: BalticExchange
