Highlights
- Busy start for the NWE coaster – various charterers booked
- Tight shipping availability and struggle to find suitable tonnage
- Delays on vessels waiting to discharge Propylene in ARA came to an end
- Larger semi-ref vessels saw good employment this week
- LPG market as purchasing interest remained thin due to the high inventory levels and China recorded a decline
Introduction
The week kick-started to be busy for the NWE coaster with various charterers booked for ships on prompt and forward dates. However, the shipping availability was tight and in most cases, charterers struggled to find suitable tonnage forcing them to rearrange or adapt their programmes.
NWE/MED
Moreover, as the week progressed more positions popped up for the upcoming weekend and into next week, including trader re-lets which were previously deemed busy. The previously reported delays on vessels waiting to discharge Propylene in ARA slowly showed signs of coming to an end allowing owners to indicate on spot business.
Large vessel engaged
Additional floating storage requirements from the Stanlow and Pembroke refineries were quoted which could tie up some tonnage further into next week. The larger semi-ref vessels saw good employment this week with owners having busy COA programmes as well as spot LPG ex-Grangemouth, whilst the larger pressure ships continued to book cargoes in advance. Overall, rates are strengthening on all sizes.
In SW Europe and the Med, there has been less active with only one fixture confirmed and some rumors of additional cargoes. Open tonnage lists are slightly longer as a number of ships are finishing in SW Europe and Morocco over the weekend.
Sea/Feast
Another quiet week on the Asian pressurized LPG market as purchasing interest remained thin due to the high inventory levels as well as the downward revision of the expected December CP and as consequence buyers seem more interested on FH December lifting cargoes. FH December FOB offers from South China exporters were quoted at a premium of USD high 30’s to December CP. Due to the high inventory level, the Chinese domestic wholesale price dropped further this week to about Yuan 3850-4650 pmt in S. China and Yuan 3970-4500 pmt in E. China. There were few spot cargoes quoted leaving plenty of open ships in FE and SE Asia.
Time Charter Fixtures
Vessel cbm Period Delivery Laycan Hire Charterer
Pacific Shanghai 84,000 30 days Galle 18-Dec $25k pdpr SHV
Syn Zosma 4,000 10 Days Grangemouth 13-14 Nov RNR Ineos
Venere 3,000 10 Days Stanlow 12-13 Nov RNR Essar
Did you subscribe for our daily newsletter?
It’s Free! Click here to Subscribe!
Source: Stealth Gas
