Gas Report – Week 47, 2023: LNG & LPG Index Moves Slow

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Baltic Exchange has published the 47th week Gas report dated 24 November 2023.

LNG

There was minimal movement on the LNG index this week. The 160,000cbm BLNG1g Aus-Japan moved $890 down to close at $145,767, while out in the US BLNG2g Houston-Cont gained $1,415 to finish at $156,849 but fractional adjustments in BLNG3g Houston-Japan of $4 meant we closed at $166,868. National holidays in the US hampered much movement from mid-week when many market players were travelling for Thanksgiving. A few tentative bits of enquiry were shown but with ships being kept in house for internal optimisation there has been a tougher time securing modern efficient tonnage.

Reports of a 174cbm 2-Stroke vessel fixed on a US-Cont (BLNG2g) equivalent rate of about $200,000/day basis a round trip routing aligns with our new 174cbm vessel index (currently on trial) where we published at $195,000. Elsewhere we saw our BLNG1_74g Aus-Japan fall by $5,271 to finish at $182,000 and our BLNG3_4g Houston-Japan close at $204,000.

LPG

There is very little to report on the routes this week, with the tail end of it having both some of the East and all of US on holiday. BLPG1 Ras Tanura-Chiba fell by $0.214 to close out at $153.143 giving a daily TCE earning of $141,424. Little enquiry left for the first half of December dates at the moment charterers and owners alike are looking out to the latter part of the year for any options.

On BLPG2 Houston-Flushing, and with US holidays taking people out of office, minimal movement on the week was seen with a strong consensus between panellists on the rates. With a final value of $134 and a TCE earning equivalent of $163,791, owners are relatively satisfied but there is not much to get their teeth stuck into at the same time. For BLPG3 Houston-Chiba, one major factor this week would be the Panama Canal (again), with reports in one shipping publication that owners are essentially ‘Giving up on the Panama Canal’, and rerouting via Suez (where there are opportunities for owners to gain rebates against canal transits for discharges east of Singapore) rates when reported have sometimes come caveated with inc or exc the Canal. The index, which continues to take into consideration the Panama Canal as part of the voyage, fell by $3 to finish at $237.429, and a TCE equivalent of $144,880.

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Source: Baltic Exchange