- LNG rates eased across key routes, with muted demand and steady vessel supply keeping the market subdued.
- BLNG2 US Gulf–Continent and BLNG3 US Gulf–Japan routes recorded slight declines, while Pacific activity remained flat.
- LNG period markets weakened, with charter rates for six months, one year, and three years all declining.
- LPG rates surged across major routes, supported by strong US exports, new cargo activity, and tight tonnage availability.
The global gas shipping market exhibited mixed trends in Week 37, with LNG rates softening slightly amid limited activity. At the same time, LPG freight levels increased due to strong demand and a tight vessel supply, according to the latest update from the Baltic Exchange.
LNG and LPG Market Update
In the LNG segment, rates moved lower across several key routes as muted demand met steady vessel availability. The BLNG1 Australia–Japan route remained unchanged, with 174k cbm vessels at $31,700 per day and 160k units at $18,800 per day. Activity in the Pacific was subdued, keeping available tonnage in the basin at a low level. The BLNG2 US Gulf–Continent route slipped slightly, with 174k cbm ships earning $28,800 per day, while 160k units held steady at $16,300. On the BLNG3 US Gulf–Japan route, 174k vessels eased to $35,400 per day, with smaller units unchanged at $19,700. Period markets also reflected softer sentiment, as six-month and one-year charter rates fell to $36,750 and $40,000 per day, respectively, while the three-year term eased to $54,500 per day.
The LPG market experienced a strong upswing, driven by a surge in new cargoes and a tight tonnage list. The BLPG1 Ras Tanura–Chiba route gained $3.50 to $78.50 per metric tonne, boosting TCE earnings to $65,805 per day. On the BLPG2 Houston–Flushing route, rates surged $8.75 to $85.00 per metric tonne, with earnings climbing to $97,620 per day, driven by active US Gulf exports. The BLPG3 Houston–Chiba route also advanced sharply, with rates rising to $154.33 per metric tonne and TCE earnings strengthening to $79,353 per day, reflecting firm US–Asia flows and limited vessel supply.
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Source: Baltic Exchange
