The Pacific market has maintained its gap with the Atlantic market, though both regions have experienced softer conditions compared to the previous week. The 160k CBM BLNG1 route saw a steady decline of $1,600, settling at $68,400, while the BLNG1-174 index dropped by $3,500, reaching $84,300. In the Atlantic, the 160k CBM BLNG2 market fell by $4,300 to $54,500, and the 174k CBM BLNG2-174 saw a decline of $5,500, bringing it to $69,000, driven by a generally downward sentiment.
For the Houston-Japan BLNG3 route, cross-basin reductions mirrored these trends, with the 160k CBM rate dropping by $4,400 to $69,988, and the 174k CBM rate decreasing by $5,600 to $86,295. The period market continues to be quiet, with short-term spot market conditions appearing softer. However, with the approach of winter, owners are cautious and holding off on long-term commitments. Current published rates for six months stand at $102,150, one year at $81,675, and three years at $84,550.
LPG Market Activity
In contrast to the LNG market, the VLGC sector in the LPG market has seen a welcome increase in activity this week. In the Middle East Gulf, the BLPG1 Ras Tanura-Chiba route experienced an upward climb of $13.25, resulting in a final Baltic assessment price of $54.167, supported by the positive momentum in the western market. At this level, the daily Baltic TCE earning equivalent stands at $33,309, reflecting a significant increase of $12,592.
The Atlantic market has been particularly active, with a notable surge in activity as over a dozen fixtures were reported in a short period. The BLPG2 Houston-Flushing index closed at $61.25, an increase of $11.5 from the start of the week, resulting in a daily TCE earning of $60,635. The BLPG3 Houston-Chiba route saw a substantial rise of $19, closing at $108.83 and yielding a TCE earning of $41,499—a 49% increase from the previous week.
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Source: Baltic Exchange
