The weekly market report for the previous week is consistent with a busy week for cargoes and scheduled programmes.
NWE/MED
The NWE coaster market continues to be busy with a consistent level of cargoes quoted, leaving shipping tight. The owner controlled and trader relet ships that were available at the beginning of the week were quickly fixed away or scheduled into programmes. Several ships are tied up in ARA waiting to discharge or utilized as floating storage by refineries, however, the situation has eased slightly. This has resulted in a few ships being delayed forcing charterers to extend laycans or rearrange their programmes.
Rates remain firm and owners are now looking to push rates even higher due to the lack of competition. There has been less spot activity for the larger pressure and semi-ref vessels, however, they continue to be well employed on forwarding spot business or in COA programmes.
Grangemouth has been less busy as charterers there wait for the current delays to clear before looking for their next liftings. Elsewhere, SW Europe and the Med has seen some increased spot activity due to delays on COA programmes which has helped to keep the market relatively short.
SEA/FEAST
Trading activity has been thin this week as expectations on the December CP price has moved downward. Chinese domestic inventory levels were still high at the beginning of the week which lowered buying interest from South Korea in the second half of November. FOB offers from South China for the first half of December were quoted at the same level as last week, USD high 30’s to December CP. The Chinese domestic wholesale price has slightly increased due to the inventory levels, Yuan 3900-4700 pmt in South China and Yuan 4000-4700 pmt in East China. The freight market remains flat though there is a rumor that an international trading house fixed a 7,500cbm ship for 15-45 days TC for their South Asian business.
Time Charter Fixtures
Vessel cbm Period Delivery Laycan Hire Charterer
Gas Aquarius 85,000 1yr East Dec-18 low $700s pcm Itochu
Seasuccess 38,000 1yr USG Dec-18 $575 pcm Yara
Mathraki 22,000 15days Aruba 23-24 Nov RNR Geogas
Sale and Purchase/New Buildings
The 82,000 cbm GENESIS RIVER delivered from KHI to K-Line this week. She is due to be employed by Gyxis Corporation.
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Source: Stealth Gas
