LNG

The LNG market softened this week, despite an increase in spot, multi-month and longer-term requirements entering the market. While activity picked up compared to recent weeks, vessel availability continues to outweigh cargo demand, keeping pressure on freight rates across both basins.

On the BLNG1 Australia–Japan route, rates declined by $2,300 week-on-week to settle at $34,600/day. The Pacific market remained relatively balanced, although additional cargo activity was insufficient to offset the amount of available tonnage.

The BLNG2 US Gulf–Continent route fell by $4,900 to close at $21,200/day. Despite signs of increased enquiry, charterers maintained the upper hand as the Atlantic vessel list continued to exceed the number of cargoes being worked.

Similarly, the BLNG3 US Gulf–Japan route declined $4,200 week-on-week to settle at $52,100/day. Following the same softening sentiment as BLNG2.

In the time charter market, sentiment softened across all periods. The six-month rate fell by $1,600 to $46,300/day, while the one-year term declined by $334 to $52,033/day. Further out the curve, the three-year period eased by $350 to $69,950/day.

LPG

The LPG market strengthened this week, with a relatively tight tonnage list and several outstanding cargoes supporting freight rates. The widening arbitrage also added to firmer sentiment.

On the BLPG1 Ras Tanura–Chiba route, rates settled at $265.00/tonne, with the corresponding TCE at $258,182/day.

The BLPG2 Houston–Flushing route increased by $18.00 over the course of the week to close at $190.83/tonne, while TCE rose by $25,114 to $227,905/day. Rates strengthened as the tight position list and outstanding cargoes continued to support sentiment.

Similarly, the BLPG3 Houston–Chiba route gained $22.00 to settle at $344.71/tonne, with TCE increasing by $15,331 to $214,030/day. The route posted steady gains through the week, supported by improving Eastbound economics and limited vessel availability.