LNG

This week, the LNG market continued its positive momentum, with further rate increases across key routes for 160k cbm and 174k cbm vessels, driven by tightening tonnage availability.

On the BLNG1 Gladstone–Tokyo route, 174k cbm vessels recorded a $2,500 increase, bringing rates to $18,200 per day, further reinforcing positive sentiment in the Pacific. Meanwhile, 160k cbm vessels saw a $1,500 gain, reaching $10,500 per day, continuing the recovery for smaller tonnage.

In the Atlantic, the BLNG2 Sabine–UK Continent route saw 174k cbm vessels rise by $1,900, closing at $19,800 per day, reflecting sustained demand. Similarly, 160k cbm vessels saw a $1,200 increase, reaching $11,100 per day, reinforcing the market’s upward trajectory.

The BLNG3 Sabine–Tokyo route showed a slight divergence, with 174k cbm vessels increasing by $1,800 to $23,800 per day, while 160k cbm vessels declined by $200, settling at $13,000 per day. This suggests some pressure on smaller tonnage earnings despite overall market strength.

The term market has picked up this week to reflect spot sentiment, with six-month rates rising by $2,150 to $18,150, one-year rates increased by $650 to $23,075, and three-year rates increased by $2,750 to $49,500.

With rates continuing their upward trajectory, particularly in the Atlantic, the market remains bullish due to tightening tonnage. However, it will be interesting to see whether this trend persists or if it is merely a dead cat bounce. As more redeliveries re-enter the market, rates may revert to their previous levels.

LPG

The LPG market has remained static this week, largely due to most market participants being in Tokyo, with only minor fluctuations across key routes. On the BLPG1 Ras Tanura–Chiba route, rates increased by $1.25, settling at $46.25. TCE earnings followed suit, rising by $2,656 to $29,070.

In the Atlantic, the BLPG2 Houston–Flushing route experienced a $1.00 decline, closing at $48.50. TCE earnings saw a negligible improvement of $46, reaching $45,171. Meanwhile, the BLPG3 Houston–Chiba route saw a $2.00 drop in rates, settling at $92.33. TCE earnings remained stable, with a very small decline of $29, closing at $29,604.

Overall, the LPG market saw limited activity this week, with only a few cargoes reported. Once all market participants return from Tokyo, we may see a resurgence.