The Pacific LNG market saw a slowdown last week, with fewer inquiries and declining spot rates, reflecting a weaker sentiment as the year progresses. Similarly, the LPG market experienced a typical summer lull, with minimal activity and only slight shifts in rates and earnings, reports Baltic Exchange.
LNG
The Pacific market has had a particular slow down this last week. Fewer enquires were reported and with the tonnage list steadily increasing there is a lacklustre sentiment going into the final quarter of the year. Rates for spot enquiry have gradually fallen, and there seems no rush to take an axe to levels but the sentiment driving it is steadfastly looking weaker. For Aus-Japan BLNG1 both the 174cbm and 160cbm lost $2,400 giving a close of $77,000 and $63,400, respectively.
Across the Atlantic BLNG2 Houston-Cont saw small losses pushing the rates down but both ships hovered around similar open levels. The 174cbm closed at $60,500 while the 160cbm finished at $47,000 giving a steady delta of between $13-14,000 for the more modern ships. BLNG3 Houston-Japan saw the greatest fall last week but intra-Basin activity has been very quiet of late and with more ships this is to be expected. The 174cbm fell by $2600 while the 160cbm fared worse losing $4,000 with both closing at $80,000 and $63,000, respectively.
Period on the short term has been quiet, with the six-month period fell by the greatest margin for many weeks losing $8,150 to publish at $94,000. Although there has been reports of several longer term enquiry both the one-year period and three-year period fell with the one-year publishing at $78,375 and three-year term at $83,600.
LPG
There are market lulls and then there are summer market lulls. With only one reported fixture out of the MEG last week, rates did very little, shifting only 8 cents to a close of $64.083 up from $64. The TCE earnings as a result remain largely unchanged with a loss of only $915 and a close of $43,243.
Out across the Atlantic, despite more activity, you can count the amount of fixtures on one hand. Rates moved a little more positively, gaining $2.25 for BLPG2 Houston-Flushing and a close of $67, giving a daily TCE earning equivalent of $69,118. BLPG3 Houston-Chiba moved little up only $1.167 to a close of $118,667 and a loss (if minimal) on the TCE brought it to $48,203.
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Source: Baltic Exchange
