LNG

A muted week for LNG, rates on both the 160cbm and 174cbm vessels were flat, but overall the week was driven by bearish movement. Low cargo count East of Suez kept rates flat on the TFDE, Australia saw one or two fixtures in the low $40,000’s per day and a few FOB tenders were the only reported bits of activity from WAFR and the Middle East. In the US longer tonnage lists and little enquiry for spot has pushed levels lower again, and discussions on term haven’t done anything to bolster sentiment.

BLNG1g on the 160cbm fell $4,619 to $37,177 while BLNG1-174 fell by $5,670 to a close of $54,183. Houston-Isle of Grain fell the least for both 160cbm and 174cbm with a drop of $900, and $756 respectively to close at BLNG1g 160cbm $8,639, while the 2-stroke 174cbm closed $52,060. Houston-Japan BLNG3g finished with the TFDE at $40,087 (a fall of $8,314), while the 2-stroke 174cbm closed at $53,081.

Period was quiet though shorter terms dropped with six month period assessed at $57,900 (a drop of $2900), a one year charter at $80,900 (a fall of $6000) while three year terms rose $300 to $91,600.

 

LPG

Continued pressure on the routes this week has meant that BLPG1 Ras Tanura-Chiba fell a further $9.858 to close at $42.571, giving a daily TCE earning equivalent of $21,641. The recent drastic decline in the route has meant we haven’t seen such lows since August 2021 when the BLPG1 also fell to $42.571. A combination of Indian cargoes, an expanding tonnage list and quiet cargo count have all pushed sentiment and fixing down; though some brokers hint at light at the end of the tunnel.

The US routes begun to rally with the bottom of the recent falls being hit. There was a slight improvement in the ARB but rates overall were pretty flat. BLPG2 Houston-Flushing lost $1 to finish at $54.2 while a BLPG3 run Houston-Chiba fell $0.714 to finish at $94.429 giving a daily TCE earning of $32,805. Strangely enough the last time we had seen these exact levels for BLPG3 (like for BLPG1) was back in another August but this time of 2022 when we reached $94.429 exactly again.