LNG

Hopes for a slight revival in spot LNG shipping rates faded quickly this week. The influx of newbuild tonnage into the market, combined with limited cargo demand, created a significant imbalance. Although some stems have shown interest, bids and offers are trending downward, reflecting bearish sentiment.

The BLNG1 Australia–Japan route for both 160k CBM TFDE and 174k CBM 2-Stroke vessels saw sharp declines, with rates dropping by $3,200–3,300. The TFDE index closed at $10,800, while the 2-Stroke index ended at $18,400. Despite these large falls, the Pacific market fared better than the Atlantic, where both BLNG2 and BLNG3 routes experienced even steeper drops.

For BLNG2 Houston–Continent, the 174k CBM 2-Stroke index fell by $4,121, closing at $19,900, while the TFDE equivalent dropped by $4,000 to $12,400. These represent some of the lowest rates observed, especially during a period typically supported by cold weather and low gas inventories. The BLNG3 Houston–Japan route recorded the largest decline of the week, with the 174k CBM 2-Stroke index falling by $5,200 to $25,300. The 160k CBM TFDE index dropped by $4,100, closing at $16,300.

The period market also lacked significant activity. Short-term rates remained unmoved at $24,750 for six-month charters, while one-year and three-year rates fell to $31,325 and $46,550, respectively. The steadiness in shorter periods is attributed to ongoing discussions, but interest in longer-term charters is weak. With an oversupply of vessels, exacerbated by new deliveries, period rates are not expected to recover soon.


LPG

Activity originating from the Middle East Gulf (MEG) this week has largely focused on India, with four reported fixtures concluded near a $60 Baltic BLPG1 equivalent rate. Pure BLPG1 Ras Tanura–Chiba fixtures were limited, contributing less to the market's momentum. However, rates still climbed by $2 over the week, closing at $59.667. Daily TCE earnings were relatively stable, rising just $852 to close at $39,513 after fluctuating midweek.

In the Atlantic, activity remained muted, with bearish sentiment driven by a lengthy tonnage list and uncertainty surrounding upcoming presidential events. Both BLPG2 and BLPG3 saw downward adjustments. BLPG2 Houston–Flushing peaked midweek at around $58 for February-loading fixtures, but a late-week decline resulted in a $0.50 drop, closing at $56.375 and yielding daily TCE earnings of $52,478. BLPG3 Houston–Chiba experienced a $2 decline, with rates falling further toward the weekend. The Baltic published the final rate at $100.667, with TCE earnings of $34,940.