The Baltic Exchange gas market report for Week 29 of 2025 reveals diverging trends across LNG and LPG freight, with liquefied natural gas rates easing amid oversupply, while LPG routes—especially in the Atlantic—showed notable strength. Shifts in vessel availability and regional demand played a key role in shaping rate movements across major global routes.
LNG
The LNG market softened this week across most major routes, as vessel availability improved and activity levels moderated.
On the BLNG1 Australia–Japan route, rates for 174k cbm vessels dropped $700 to $38,900 per day, while 160k cbm ships fell $1,100 to $22,500, reflecting reduced short-term demand and a longer tonnage list.
The BLNG2 US Gulf–Continent route showed some divergence, with 174k cbm tonnage increasing $700 to $33,600 per day, even as the 160k cbm rate slipped $100 to $20,100.
The BLNG3 US Gulf–Japan route continued to slide, down $500 to $41,800 for 174k cbm vessels and $1,300 to $25,500 for 160k cbm units, amid slower chartering activity and an increasingly balanced market outlook.
Time charter levels fell in tandem. The six-month TC rate dropped sharply by $2,800 to $52,700 per day. One-year rates decreased $700 to $49,400, while three-year levels eased $800 to $61,100, reflecting a broader cooling in sentiment and expectations.
LPG
The LPG market posted a mixed performance this week, with activity in the Middle East remaining subdued while the Atlantic basin saw firmer sentiment and higher rates.
On the BLPG1 Ras Tanura–Chiba route, rates edged up by $0.75 to $80.08 per metric tonne, though gains were capped as charterers remained resistant to pushing above the $80 threshold. TCE earnings rose by $1,111 to $66,326 per day.
In the Atlantic, momentum picked up. The BLPG2 Houston–Flushing route jumped by $2.75 to $75.25, with TCE earnings climbing $3,397 to $81,133 per day, as discussions moved into higher territory amid stronger transatlantic interest.
The BLPG3 Houston–Chiba route saw the sharpest gains, rising $5.83 to $136.50 per metric tonne. Corresponding TCE returns surged by $4,876 to $63,913 per day, reflecting robust demand and tightening availability on longer-haul eastbound voyages.
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Source: Baltic Exchange
