LNG
The LNG market has been making moves, with several bits of enquiry put fixed away this week. The US had a couple of 160 TFDE’s put on subs, with one for August lifting in the low $80,000s. The opening (although tentative) of the ARB between east and west created even more tonnage activity and the cargoes being worked were for the most part covered. Rates for BLNG2g and BLNG3g were stable rising moderately on both and, while BLNG2g US-UKC rose by $1,167 to finish at $70,684, a greater rise between the US and Japan of nearly $3,000 gave a close of $83,891 for BLNG3g.
The east saw movement as well and a few cargoes ex-Australia were shown. Tonnage is not plentiful looking further out of the fixing window, but for now with ships on the water and cargoes shown, the sentiment of the market participants on spot remains optimistic. A BLNG1g Australia-Japan gained more than $4,500 to close at a respectable $67,526. With summer here in full force, demand for gas has been lower and inventories remaining high, focus has continued on the period where delays in projects have pushed a few ships out to pasture and owners have shown relets for multi-month periods.
LPG
The LPG market this week has remained constant. Rates rose from the start of the week on BLPG1 Ras Tanura-Chiba by $1.643 to close at $119.429 (giving a daily TCE earnings equivalent of $107,378) and with a vessel confirmed fixed at more than $120 and a relatively tight tonnage list, expectations are that the firm footing should continue. No significant rise in rates is not worrying market participants as owners are still earning good daily TCE for summer months.
Out in the Atlantic it was a similar story where rates rose marginally with the greatest rise seen for Houston-Chiba BLPG3, which closed at $184, a rise of $2.286 on the week and a daily TCE earning equivalent of $105,401. The fixing window for ships in the US has looked out towards the end of August, with some enquiry rumored already asking in September but this is unconfirmed. On the BLPG2 Houston-Flushing no reported fixtures kept the rates quite flat, but a small rise closed the week out at $102.4 with a daily TCE earning of $120,273.
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Source:Balticexchange
