- LNG Rates Show Early Signs of Levelling Off.
- US Gulf LNG Routes Continue to Strengthen.
- LPG Market Steady as Arbitrage Economics Weigh on Activity.
After a few weeks of significant gains, LNG activity took a slight breather this week, showing early signs that rates might be starting to stabilise. Even with this slowdown, the mood remains cautiously optimistic, fueled by ongoing tightness in the 2-stroke tonnage list, reports Baltic Exchange.
Pacific LNG Experiences First Weekly Declines
On the BLNG1 Australia–Japan route, the rates for 174,000 cbm vessels dipped by $200 to $90,400 per day, while the 160,000 cbm ships faced a sharper drop of $2,000, bringing their rates down to $70,600 per day. This marks the first decrease on this route in several weeks.
US Gulf Routes Keep Gaining
The BLNG2 US Gulf–Continent route continued its upward trend, with 174,000 cbm rates climbing by $3,500 to reach $127,000 per day, and 160,000 cbm ships seeing a $7,000 increase to hit $89,000 per day. On the BLNG3 US Gulf–Japan route, earnings also strengthened, with 174,000 cbm vessels up by $4,000 to $131,000 per day, while 160,000 cbm tonnage rose by $6,500 to $93,000 per day.
Time-Charter Rates on the Rise
Time-charter sentiment generally mirrored the spot market. Six-month rates went up by $1,500 to $40,500 per day, one-year rates increased by $1,550 to $40,875 per day, and three-year period rates edged higher by $250 to $55,000 per day.
LPG Market Holds Steady with Cautious Outlook
The LPG market had a steady week. Activity in the East started strong but tapered off towards the end as the tonnage list appears to be lengthening. In the West, weaker arbitrage economics kept charterers on their toes, leading to limited new inquiries.
Middle East–Asia Rates See Modest Increase
On the BLPG1 Ras Tanura–Chiba route, rates rose by $3.17 to $73.83 per tonne. TCE earnings remained mostly stable, inching up just $108 to $62,362 per day.
Transatlantic and Long-Haul Routes Mixed
The BLPG2 Houston–Flushing route remained almost unchanged, inching up $0.13 to $67.38 per tonne, while TCE earnings slipped by $981 to $73,751 per day.
On the BLPG3 Houston–Chiba route, rates rose $0.33 to $122.83 per tonne, but daily earnings declined by $3,114 to $56,033 per day as weak arbitrage conditions continued to limit fixtures.
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Source: Baltic Exchange
