LNG

The LNG market has seen a further decline in rates, driven by an ever-growing supply of available tonnage and a limited number of cargoes to cover.

The BLNG1 Gladstone–Tokyo route for both 160k cbm TFDE and 174k cbm 2-Stroke vessels saw declines, with rates falling by $432 and $803, respectively. The 160k cbm TFDE index closed at $4,199, while the 2-Stroke index ended at $11,790. In the Atlantic, the BLNG2 route showed mixed movements, improving slightly for 160k cbm TFDE vessels but decreasing for 174k cbm 2-Stroke vessels. Meanwhile, BLNG3 route rates declined for both vessel types.

For the BLNG2 Sabine-Isle of Grain route, the 174k cbm 2-Stroke index fell by $883, closing at $3,558, while the 160k cbm TFDE equivalent rose by $2,895 to settle on $1,100, indicating a slight market correction compared to the negative rates seen earlier in the week. The BLNG3 Sabine–Tokyo route recorded the largest decline of the week, with the 174k cbm 2-Stroke index dropping by $2,211 to $7,370, and the 160k cbm TFDE index falling by $391 to close at $2,634.

The term market also saw decreases in rates, particularly for shorter term fixtures. Six-month rates decreased by $2,950, settling at $22,250. One-year rates fell by $1,375, closing at $29,350, while three-year rates saw a minimal drop of $50, closing at $48,200. These rate decreases reflect the current spot markets bearish sentiment for the near future.


LPG

The LPG market has experienced minor improvements this week, witnessing upward pressure on rates and TCE earnings on two key routes. BLPG1 Ras Tanura to Chiba saw a rate increase of $4, closing at $52.33, while associated TCE earnings rose by $4,201, closing at $32,217. This uptick highlights a slight demand growth for vessels on this route.

In the Atlantic, both BLPG2 and BLPG3 were impacted by the weak arbitrage seen in the previous week and adverse weather conditions, particularly fog that closed Houston on Tuesday morning. BLPG2 Houston–Flushing saw a slight drop of $0.75, closing at $52.50, with daily TCE earnings falling by $1,029 to $48,190. Meanwhile, BLPG3 Houston–Chiba saw a minimal decrease of $0.08, with the final published rate settling at $97.33 and TCE earnings at $33,275.