15th November 2019
The end to this week saw the coaster market in North-West Europe balancing out. Rates have slowly strengthened but we will see more ships coming open around ARA beginning and middle of next week. Most of the cargoes have been usual butane and propane movements ex Scandinavia and UK coast to find their home in ARA. Some owners are still awaiting COA nominations as others await discharge port declarations, which might add a couple of more ships to the overall position list next week. We see less relets being pushed as some have been fixed away for spot business to ENI. Larger coasters have seen some enquiry, but not enough to clear out the excess prompt tonnage available around GIB and MED, with rates remaining balanced.
East pressurized market continued to be active this week with continued November LPG exports from Brunei and Crude C4/ Butadiene exports from Pengerang.
Into winter season, heavy weather delays have also caused delays to vessels in their program, which further reduced the availability of the regional vessel availability.
On the other hand, propylene and butadiene prices have dropped amid oversupply of regional cargo. In the shipping market, available 2nd half November spot vessels have been limited. There has been continuous upward freight pressure in the east market
Time Charter Fixtures
Vessel CBM Charterer Period Delivery Laycan Hire
Pacific Dongying 82,400 BGN 60 DAY T/C Yanbu 30 Nov. pdpr
PGC Strident Force 6,500 Hellenic LPG 12 Months Greece Mid- Nov HNR
Sale and Purchase/New Buildings
We understand that Thenamaris have until towards the end of the Year to declare LPG Dual Fuel on their third 38,000 cbm, which was recently declared at Hyundai Mipo Dockyard (HMD). In addition, they are still holding a second option for a fourth 38,000 cbm, for which they also hold a technical option to be LPG Dual Fuel.
Following the announcement some two weeks ago that Heidmar Singapore were setting up a “Multigas” pool staffed by the ex-Norgas-Skaugen Pool Manager, the market has been awash this week with rumours of various combinations of 9k / 10k / 12k cbm ethylene vessels sold to George Econmou’s Heidmar vehicle. It seems that these rumours are, at least for the timebeing, just that. However, we are aware that Heidmar approached Owners of existing tonnage during the recent EPCA Conference in Berlin to see if they are interested to join such a pool, but we are not aware that any have signed as yet.
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