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15^TH September 2020

NWE/MED

It has been a quiet week in North West Europe with only a few enquiries being fixed on rather prompt dates. Prior weekend there are around three/four prompt vessels around ARA and rates remain unchanged from last week. Delays in ARA continue keeping owners uncertain of when their vessels become available which obviously also creates difficulties for charterers planning. Larger coasters are still active around the Mediterranean and more vessels are expected open around GIB middle/end next week.

SEA/FEAST

The East pressurized market maintained its momentum this week. The regional imbalance of LPG has led to an active LPG spot market, also supported by spot LPG demand from Malaysian, Filipino and Bangladesh buyers in September. In addition, there is increasing interest from Far East buyers for butadiene this week with a spot and a tender cargo each fixed into Far East. Propylene demand from China is also recovering as buyers look for imported cargoes against tight supply. Petron issued a propylene export tender from Philippines this week but finally cancelled due to low refinery operating rates) On the shipping front, domestic Chinese and Vietnamese owners continue to be well employed for rest of September decreasing availability of vessels in the international market. The improved spot market will lead to reduced availability of spot vessels going into next week.

Time Charter Fixtures

Vessel                    CBM      Charterer Period        Delivery  Laycan    Hire

Gaschem Baltic       8,495 Essentia     30-45 Days Houston  5-10 SEP  HNR

Gas Al Kuwait II   82,000 OTI              Short TC       AG            2-3 OCT    HNR

Monsoon                83,000 Vitol            30 days        US Gulf    15-20 SEP 30k's per day

Globe Atlas            83,000 Mexgas      3-4 months US Gulf    15-20 SEP HNR

Vivit Fornax          84,200 Repsol       35-80 days  US Gul     13-14 SEP  HNR

Sale and Purchase/New Buildings

New Buildings

The ethylene-capable 6,500 cbm KUNSHUN has been delivered from Nanjing Jinling Shipyard to Shanghai Changshi Shipping, a shipping company specialising in the transport of ethylene which is a subsidiary of China Merchants Nanyou, on 10th September.

Second Hand

No news to report

Scrapping

No news to report.

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