Weekly Market Report 11/5/18 - 18/5/18

18th May 2018

NWE/MED

We have seen less activity this week despite some prompt requirements that gave a couple of ships employment from the beginning of the week. Prior weekend there a only a few prompt open ships around in North West Europe but we will see increased availability from beginning/mid next week. Rates are more or less balanced from last week but under pressure. Larger coasters continue to build up on the position list, especially down in Gibraltar, and same Owners are still offering their vessels for smaller lot sizes to parcel up. The Mediterranean is quieter and we see more vessels being ballasted further North to look for better employment

SEA/FEAST

It has been another uneventful week in the pressurized market in the East. Delays due to bad weather contributed to some of the week’s shipping activity but otherwise there was very little new business to report. LPG shipping activity was capped as some suppliers were holding out for better expected product prices in June. In the Butadiene markets, the flow of deep-sea imports as well as weak prices in the rubber and ABS markets restricted demand. Propylene in Northeast Asia remains tight and we expect continued north-bound propylene movement. With turnaround season coming to an end we expect an increase in cargo trading June onwards

Time Charter Fixtures

IGLC Anka (2013-38,000cbm)/IOC/1 yr/Del-redel AG-WC India 20 May/usd low 14k pd Ronald N (2008-75,000cbm)/Pdec/1 yr/Del-redel East Jun/ 50-50 Baltic floating usd mid 500k pcm

Umm Laqhab (2008-82,182cbm)/OE/1 yr/Del-redel AG Jun/HNR

Bu Sidra (2008-82,419cbm)/OE/1 yr/Del-redel AG Jun/HNR

Sale and Purchase/New Buildings

No new Buildings news

No SnP news

Scrapping

Transgas Peru have sold the 4,100 cbm semi-ref BARUC (Built 1991 at Juliana Const, ex BERCEO) into India for a reported US$ 455/ldt. She is the 22nd LPG vessel sold for recycling so far this year and we maintain our prediction that 2018 will be a bumper year.

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