- LNG rates fell across most routes, except for a slight increase on the BLNG1 Gladstone–Tokyo route.
- The BLNG2 Sabine–Isle of Grain and BLNG3 Sabine–Tokyo routes saw further declines.
- LNG term rates dropped for six-month, one-year, and three-year charters.
- LPG rates declined across BLPG1, BLPG2, and BLPG3 routes post-Lunar New Year.
- Market sentiment remains bearish due to vessel oversupply and weak demand.
LNG Market Overview
LNG rates continued to drop, with the Baltic Exchange reporting a $200 rise on the BLNG1 Gladstone–Tokyo route for 160k cbm TFDE vessels, reaching $5,400 per day, while 174k cbm 2-Stroke vessels declined by $1,343 to $10,350 per day.
On the BLNG2 Sabine–Isle of Grain route, 160k cbm TFDE vessels fell by $400 to $700 per day, while 174k cbm 2-Stroke vessels dropped by $1,458 to $3,800 per day. BLNG3 Sabine–Tokyo saw similar declines, with 174k cbm 2-Stroke vessels down $242 to $7,900 per day, and 160k cbm TFDE vessels dropping $1,300 to $1,900 per day.
The term market weakened further. Six-month rates dropped $6,250 to $16,000 per day, one-year rates fell $3,600 to $25,750 per day, and three-year rates declined $2,200 to $46,000 per day. The oversupply of vessels continues to pressure the market.
LPG Market Overview
The LPG market remained weak despite post-Lunar New Year expectations.
On the BLPG1 Ras Tanura–Chiba route, rates fell $4.33 to $48.00, with TCE earnings dropping $3,952 to $28,265 per day.
In the Atlantic Basin, the BLPG2 Houston–Flushing route dropped $4.25 to $48.25, with TCE earnings down $5,702 to $42,488 per day. The BLPG3 Houston–Chiba route declined $5.83 to $91.50, with TCE earnings closing at $26,744 per day. Market sentiment remains weak, with further declines possible.
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Source: Baltic Exchange
