LNG

The LNG spot market firmed this week with the arb opening, especially in the Atlantic basin.

On the BLNG1 Australia–Japan route, 174k cbm vessels moved up from $64,800 last Friday to $67,000 today.

The BLNG2 US Gulf–Continent route firmed from $94,300 a week ago to $100,400 today with the arb open, TFDE vessels being fixed in the $70,000s, and one charterer bidding a TFDE in the high $70,000s in West Africa during the week.

Similarly, the BLNG3 US Gulf–Japan route firmed $13,000 at $113,000/day, on the back of the stronger arb trading.

In the time charter market, period rates were softer for the longer durations, but firmer for the shorter 6 month period, due in the main part to the improving arb in the Atlantic. The six-month rate nudged up $4,600 to $96,900/day, while the one-year term fell $2,233 to $82,867/day. The three-year period also eased slightly, down $1,000 to $83,000/day, reflecting a more cautious longer-term outlook.

LPG

The LPG market remained firm this week. Continued limited vessel availability underpinning strong freight rates.

The BLPG1 Ras Tanura–Chiba route settled at $214 and TCE earnings at $202,232/day.

The BLPG2 Houston–Flushing route furthered its upward movement, rising $8.00 to $174.00, with TCE earnings climbing $11,052 to $202,707/day.

The BLPG3 Houston–Chiba route saw an additional upturn this week, increasing $14.66 to $320, with TCE returns up $10,526 to $195,725/day. Sparse Atlantic tonnage appears to be the dominant force for the moment keeping the status quo in the owner's favour.