- LNG charter rates softened across major routes, with Atlantic weakness weighing on sentiment despite selective Pacific gains.
- LPG markets also eased as charterers resisted further rate hikes, leading to corrections across key routes.
- Short- to mid-term time charter levels dipped, while longer-term contracts showed resilience in LNG.
LNG Market Overview
The LNG shipping market experienced another soft week, with most routes recording declines. Limited fresh fixtures and ongoing weakness in the Atlantic basin pulled rates lower, though selective demand in the Pacific provided some balance. On the BLNG1 Australia–Japan route, 174,000 cbm vessels dropped by $1,400 to $28,600 per day, while 160,000 cbm ships saw earnings increase by $1,000 to $18,300 per day as smaller tonnage found support in the Pacific.
The BLNG2 US Gulf–Continent route was weaker, with 174,000 cbm vessels down $1,900 to $26,900 per day and 160,000 cbm ships losing $2,000 to $14,300 per day amid sluggish trans-Atlantic flows. On the BLNG3 US Gulf–Japan route, 174,000 cbm earnings declined by $2,800 to $31,200 per day, while 160,000 cbm vessels eased $1,300 to $18,000 per day, reflecting subdued long-haul demand.
Time Charter Developments
Time charter activity was mixed over the week. The six-month rate slipped $600 to $36,150 per day, while the one-year rate fell $750 to $39,250 per day. In contrast, the three-year rate gained $1,000 to $55,500 per day, highlighting steady interest in longer-term cover despite short-term softness.
LPG Market Overview
The LPG shipping market also corrected lower following last week’s sharp gains, as charterers resisted higher rate levels and fresh cargo demand slowed. On the BLPG1 Ras Tanura–Chiba route, rates slipped $2.33 to $77.17 per metric tonne, with TCE earnings dropping $3,376 to $63,967 per day. Middle East activity held steady, but upward momentum was capped as charterers pushed back.
In the Atlantic, the BLPG2 Houston–Flushing route eased $1.25 to $83.75 per metric tonne, with daily TCE returns falling $2,019 to $95,927 as balances normalised and prompt vessel availability improved. Similarly, the BLPG3 Houston–Chiba route weakened, with rates down $3.17 to $152.33 per metric tonne and TCE earnings retreating $3,304 to $77,417 per day.
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Source: Baltic Exchange
