The Baltic Briefing has issued the tanker report for the 25th week of this year. The report dated 23rd June 2023 provides valuable insight into this week’s gas market dealings, LNG, and LPG.
LNG
This week, tanker rates have experienced a gentle rise, although there has been limited activity reported. In the East, rates for BLNG1 (Gladstone/Japan) have increased by $9,847, reaching $62,923 per day. Market sentiment continues to contribute to rate improvements. In the West, BLNG2 (USG/UKC) rates have climbed by $10,392 to $69,517/day over the past seven days. There is a report of a fixture loading USG to the Far East on a 2-stroke LNG carrier in the low $80,000 region, but it remains unverified. BLNG3 (USG/Japan) rates, according to the Baltic’s published rate, have risen by $7,624 to $80,918 per day this week. Overall, the market sentiment remains positive, with expectations of small yet steady rate increases.
LPG
VLGC freight levels have surged in the Arabian Gulf (AG) due to positive sentiment in the West and anticipation of the July Aramco contract price. A BLPG1 run from AG to Chiba experienced a significant increase of $4.286, reaching $117, resulting in a $3,750 per day climb in TCE earnings and crossing the $100,000 mark. Houston-Chiba rates in the West also rose dramatically, with BLPG3 marked at $179, a $27 increase. The announcement of increased restrictions in Panama this week has caused concerns about its impact on the market. Despite BLPG2 remaining quiet, rates rose to $99.6 (+$9), yielding a daily TCE earning of $115,330.
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Source: Baltic Exchange
