LNG

The LNG spot market softened this week, with rates easing across all major routes amid limited cargo liquidity in the East and a tight but quiet Atlantic market.

While vessel availability remains constrained in the West, the lack of fresh enquiry has capped upside and weighed on overall sentiment.

On the BLNG1 Australia–Japan route, 174k cbm vessels declined by $2,900 week-on-week to settle at $71,000/day. The Pacific basin remained subdued, with minimal cargo flow and little impetus to drive rates higher.

The BLNG2 US Gulf–Continent route moved lower, with earnings falling $7,400 to $97,000/day. Despite the shorter tonnage list in the Atlantic, the lack of fixing activity limited any rate support.

Similarly, the BLNG3 US Gulf–Japan route eased by $7,400 to $109,000/day, as weaker long-haul demand and muted enquiry kept downward pressure on rates.

In the time charter market, sentiment was mixed. The six-month rate declined by $1,700 to $93,300/day, reflecting softer spot dynamics. In contrast, the one-year term increased by $1,900 to $82,333/day, while the three-year period rose $2,000 to $80,000/day, suggesting a more stable longer-term outlook despite short-term weakness.

LPG

The LPG market continued to strengthen this week, with tightening vessel availability and limited prompt tonnage supporting higher rates across all major routes.

On the BLPG1 Ras Tanura–Chiba route, rates increased $4.50 to $186.75, with TCE earnings rising $4,386 to $175,102/day.

The BLPG2 Houston–Flushing route climbed $11.25 to $136.50, while TCE earnings rose $13,656 to $148,933/day, supported by a tightening Atlantic position list.

Similarly, the BLPG3 Houston–Chiba route saw the strongest upward movement, with rates jumping $20.42 to $249.58 and TCE returns increasing $14,488 to $142,889/day, as continued tightness in vessel supply drove momentum to the highest levels since the end of 2023.