Weekly Gas Report – Week 31,2023

Credits: Fred/Pexels

The Baltic Briefing has issued the tanker report for the 31st week of this year. The report dated 9th August 2023 provides valuable insight into this week’s gas market dealings, LNG, and LPG.


Some movement on spot has pushed levels up slightly and discussions for spot chartering fixtures remains active. Questions have been asked in both basins, as well as the Middle East with laycans spreading out for a few months. As we approach the winter period expectations are that some of these enquires will ask for period to cover any potential shortfalls during the peak months.

For a Aus-Japan BLNG1g run, there has been a slight rise with rates gaining $3,524 to close at $72,276. On BLNG2g US-Cont a modest increase of $4,992 meant the week closed at $74,537. With news that BP confirmed a supply agreement with OMV where BP will deliver 1 mtpa of LNG into GATE terminal Rotterdam, this area of the LNG market could see an interesting turn. For BLNG3g US-Japan a rise of $7,315 pushed rates up again close to six digits where currently the run is marked at $95,524. There is continued focus given to the Panama Canal where delays are ramping up, low rainfall and a reduction of draft is pushing delays higher and higher. With upcoming changes to carbon regulations, delays of ships sitting for up to two weeks is less than ideal, and owners and charterers alike will have to look into how this will affect freight.


There was not a clear direction for the LPG out in the East at the start of the week. A decrease on fixtures month-on-month and further reductions from producers suggested a fall in rates. Along with a healthy tonnage list and the fact we are sitting firmly in the summer period, data supported a fall. The actual rates disagreed, however, with a rise of $4.571 over the week pushed rates back above the $100 level to close at $103.714, improving the daily TCE earnings to $88,098 for Ras Tanura-Chiba.

The US routes of BLPG2, and BLPG3 were a little muted this week. A lack of fixing in August dates and ships available for September loading has pushed levels down where both runs lost between $3-3.714. Delays in Panama is keeping pressure on charterers to secure tonnage early and the fixing window is reflecting this, but the rates themselves have not suffered as expected and remain unseasonably high. BLPG2 shed $3 to close at $97 with a daily TCE earning of $108,960, while Houston-Chiba lost $3.714 to close at $165.857 giving a daily TCE earning of $89,069.

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Source: Balticexchange