LNG

A continued flat LNG spot market has done little to sway rates for either the 160cbm or the 174cbm indices. 

The delta between the two ships now has narrowed significantly with around $13,000 per day the norm for a premium on the 2-stroke. Little reported on fixtures with spot, though some enquiry in the market has kept chins wagging trying to see what levels or indeed which ship type charterers look to take.

Rates wise the 174 BLNG1 lost a few hundred dollars to a close of $46,980 (a drop of $695) while the BLNG1 on the 160 gained $1,713 to a finish of $34,419. BLNG2 Houston-Continent on the 174 fell nearly $100 to a finish of $44,787 while the 160 remained quite flat losing $207 to a finish of $32,748. The biggest mover of the week for BLNG was the Houston-Japan BLNG3 where the 174 fell by $3,311 to $49,758 while the 160 lost $807 to a close of $38,189.

For LNG the spot has been looked at with unease from owners where rates remain low, but it’s a different story on the shorter Period Term where 6-month charter rates rose by $10,600 to $74,600 catching up on 1-year terms at $78,200. The 3-year periods and above remain relatively unattractive for many owners now and we published them with a slight rise and a close of $81,900.

LPG

A weak week from the Middle East with freight rates dropping by $4.429 on BLPG1 Ras Tanura-Chiba, there was a report at the end of the week that one charterer managed to fix a ship sub $60 but that other owners with tonnage around are holding out for at least $60 or above. Few cargoes working and a tonnage list that’s quite healthy means rates are still on the softer side. We closed at $60.571 with a TCE earning equivalent of $39,063.

The Atlantic market fared better than in the East with the routes ending, if only marginally, positively. BLPG2 Houston-Chiba finished up 80 cents at $70 and a TCE equivalent of $71,059, while BLPG3 the most active route of the week gained $3 to finish at $128 and a TCE earning equivalent of $52,457. One broker reported several ships open for May and with slim cargo availability there could be waiting time, and therefore a softening of rates for the remainder of May cargoes, while June fixing is already underway.