Weekly Market Report 18/5/20 - 25/5/20
25thMay 2020
NWE/MED
We have yet again seen an increase in market activity this week. ENI has been busy and quoted several cross-North Sea end-month cargoes. Despite the increase in activity we are yet to see an increase in the rates. Charterers are still receiving plenty of offers for their cargoes and there are still quite a few prompt ships available, with more expected to open over the weekend. On the back of this we expect that the rates will hold at current levels for next week. In the MED most of the spot activity we have seen this week has been Butane into Morocco, the position list looks balanced and we expect that the rates will hold steady next week.
SEA/FEAST
We have seen more active spot activities in the East pressurized market this week. Intra-Far east spot propylene activities remain active, supported by demand from Chinese buyers. This is also due to tight domestic propylene supply in China, which led to buyers turning to imported cargoes. During this week, PTT also issued a propylene tender for June exports. Tight propylene supply in Far East has helped with opening the arbitrage from Southeast Asia to Far East Asia. On the other hand, due to limited availability of spot vessels under propylene, it is expected that cargo will be offloaded on trader's time charter vessels. There has also been more active C4 Raffinate and LPG spot activity following increasing exports from Southeast Asia. Owners have seen healthier employment on the fleet into June owing to the increasing spot activities.
Time Charter Fixtures
No news to report.
Sale and Purchase/New Buildings
New Buildings
No news to report.
Second Hand
No news to report.
Scrapping
No news to report.
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