15th February 2019
A quieter week in NWE with fewer cargoes quoted in comparison to previous weeks. There were several larger butane cargoes fixed ex-UK to North African options thus taking away the length in the larger pressure sector. However, it was quieter on the smaller LPG parcels with traders only fixing to cover late running ships. Delays in ARA due to strong winds, a planned strike in Antwerp, and lack of ullage helped to alleviate some ship downtime. Some issues were also seen on the petchem side as a few prompt PPL cargoes entered the market ex-ARA. Currently there are still prompt positions on small coasters and more vessels are expected open early next week, thus keeping a cap on rates, whereas rates on larger coasters are firming as the next open positions are a week or more away. In SWE and the Med it has also been quieter with traders showing a few open positions towards the end of the month.
The first week after Chinese New Year and the Asian pressurized LPG market remained slow due to the bearish expectation on the March CP price. In South China, the second half Feb loading FOB price is steady at about Feb CP+ USD low 50’s pmts level. China domestic wholesale price is going upward after Chinese New Year holiday. It was quoted at Yuan 3800-3950 per mt in South China and Yuan 3750-4100 per mt in East China. On the freight side, the spot market was kept warm by a 1.8kt spot LPG cargo quoted for a second half Feb loading ex-Port Dickson and another tender enquiry for 2.5kt LPG from Vietnam to Bangladesh.
Time Charter Fixtures
Vessel CBM Charterer Period Delivery Hire
Cheyenne 84,000 Sibur 2-3 weeks Europe Mid/2H Feb arnd $17kpd
Bering Gas 22,000 Kolmar 12 Months ARA Mid Feb HNR
PGC Taormina 7,000 ENI 12 Months D /C Feb-19 HNR
Syn Acrab 9,000 ENI 12 Months D/C Feb-19 HNR
Sale and Purchase/New Buildings
No Newbuilding/ SnP news
No Scrapping news
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