Market Report

02nd September 2021 

NWE/MED

There has been little activity on the coasters in Europe. Activity in North West Europe has been limited to only a handful of cargoes. Prompt tonnage is available, and we expect to see more competition between owners over the weekend. On the larger coasters, the activity we have seen has been in the Med. However, going into the weekend there is some prompt tonnage available in the Med and in the North. Rates remains stable for the time being, although it looks to be softening.

SEA/FEAST

Tonnage remains tight in the East pressurized shipping market. Demand in East China is slowly recovering as the cities in Jiangsu province will slowly open up in September, including road transportation. On the other hand, vessels have been still facing increasing delays in the Yangtze River due to strict port regulation and lack of special pilots for river transit. There has been a recovery of propylene supply in Southeast Asia. Thailand and Vietnamese suppliers have sold a few propylene cargoes via tender. However, due to a lack of spot vessel availability, most of the cargoes were loaded on traders’ Time Charter ships. In the TC market, a 5,000 CBM and 7,500 CBM vessel has each been reportedly fixed for short-term time charter contracts. A Singapore domiciled LPG trader is in discussion of 6-month Time Charter on a 5,000 CBM vessel although at the time of writing nothing has been concluded.

Time Charter Fixtures

No time charters to report

Sale and Purchase/New Buildings

New Buildings

There have been two orders of Neo-Panamax VLGC’s with LPG dual fuel specification placed at Kawasaki H.I. in Japan by two separate Japanese Owners for different Japanese Charterers, namely:

1 x KHI 86,700 cbm - delivery Q3 2023 - ordered by Eneos Ocean – T/C to Eneos Globe
1 x KHI 86,700 cbm - delivery Q4 2023 - ordered by K-Line – T/C to GYXIS

Together with two 86,000 cbm’s with LPG dual fuel declared this week by Hyundai Samho H.I. for delivery in 1H 2024, this brings the VLGC orderbook to 75 vessels

Second Hand

No news to report

Scrapping

No news to report

week


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