LNG
The slow start after easter has hungover into the new week, LNG shipping on spot remains very flat.
Few fixtures or cargoes reported while inventories remain full there is little need to move any product from facilities.
Ship length is growing and interest in Period, be it six months or longer is quiet – with brokers reporting that if fixing six months you shall be free only in the lead up to the winter market and could therefore miss the uptick in spot so owners are wary.
Rates were extremely flat with the BLNG1 Aus-Japan for both the 160cbm and 174cbm indices moving little, the 174cbm lost $28 to finish at $47,268 while the 160cbm lost $104 to finish at $30,762. Across the Atlantic both routes moved more, but barely. BLNG2 Houston-Continent shed $603 and $481 on the 160cbm and 174cbm ships respectively giving a final publication of $33,609 on the 160cbm and $44,807 on the 174cbm. The BLNG3 US-Japan fared worse losing nearly $2000 on each ship, these closed at $39,457 on the 160cbm and $51,427 on the 174cbm.
Period didn’t move at all and our assessments remained at $62,600 for 6-month, $77,133 for 1-year and $80,400 for a 3-year period.
LPG
Another week of fixing fatigue, the market has barely moved with rates hovering within $1-2 on all three routes. Some MEG Acceptances were released at the end of the week which may amp up any fixing but as we close the week out there is very little to report. BLPG1 Ras Tanura-Chiba moved a total of $0.07 cents over the week a close of $64.143 and a daily TCE earning of $44,277, this meant that our closing rate repeated three times within the week, a first for over a year.
BLPG2 Houston-Flushing managed to open and close the same value with a small rise mid-week and then a softening overall, there is little to report but a close of $67.8 and a daily TCE earning of $67,113. BLPG3 Houston-Chiba had the greatest movement this week moving a total $0.78 nearly a whole dollar.
A close of $125.357 and a daily TCE earning of $50,399 means fixing levels aren’t too bad compared to some of the rates earlier in the year, but there is little going on and a steady supply of ships so sentiment, a big driver in LPG, could turn more bearish should cargoes not start working May.