LNG

The LNG market remained under pressure this week, although the Atlantic basin showed some signs of stabilisation. September laycans are now largely covered and attention has begun to shift towards October requirements, with spot enquiry gradually emerging.

However, vessel availability remains elevated across both basins, continuing to weigh on freight levels.

On the BLNG1 Australia–Japan route, rates declined by $9,000 week-on-week to settle at $21,400/day. The Pacific market softened throughout the week as vessel availability continued to build and cargo demand remained limited.

The BLNG2 US Gulf–Continent route increased by $4,100 to close at $17,000/day. While rates remain at low levels, some developing enquiry provided modest support towards the end of the week.

Similarly, the BLNG3 US Gulf–Japan route gained $800 week-on-week to settle at $29,400/day. Freight levels remained relatively stable throughout the week, although overall sentiment remains cautious given the surplus of available tonnage.

In the time charter market, six-month rate increased by $1,200 to $56,000/day, while the one-year term edged lower by $467 to $54,500/day. Further out the curve, the three-year period strengthened by $950 to $72,450/day.

LPG

The LPG market strengthened this week, supported by a strong arbitrage, tight vessel availability and ongoing Panama Canal restrictions. With voyages increasingly being routed via the Cape of Good Hope, tonnage availability remains constrained, providing support to freight levels.

On the BLPG1 Ras Tanura–Chiba route, rates settled at $225.50, with TCE earnings closing at $216,062/day.

The BLPG2 Houston–Flushing route increased by $5.75 week-on-week to settle at $154.75, with TCE earnings rising by $5,308 to $175,678/day. Rates remained well supported throughout the week as vessel availability tightened and cargo demand improved.

Similarly, the BLPG3 Houston–Chiba route gained $18.25 to close at $283.33, while TCE returns increased by $11,621 to $167,329/day. The route saw the stronger increase of the two Atlantic assessments, supported by improving eastbound economics and the continued impact of longer voyage durations via the Cape.