29th November 2019
Despite some delays in certain ports rates are under downward pressure from last week. In general, it has been a quiet week in North-West Europe and charterers are pushing relets with gap spread of five to ten days. The few enquiries we have seen has been butane and propane out from UK coast to find their home further south. Some more movements on the larger segments but still ship availability will increase further into the beginning of next week.
Spot activities in the East pressurized market slowed down this week. Butadiene and propylene prices continue to decrease and there have been limited regional enquiries for 1st half December. Employment of 5,000 CBM spot vessels is better due to continued Muara LPG exports. In the Far East, spot vessel availability remains tight as a result of weather delays as well as the increasing interest of vessels for LPG winter program from South Korea to China. Going into next week, we expect a length of prompt 3,500 CBM vessels in Southeast Asia
Time Charter Fixtures
Vessel CBM Charterer Period Delivery Laycan Hire
Fuji Gas 37,000 IOC 6 Month T/C AG 15 Dec-15 Feb pdpr
Epic St. Ivan 5,000 Cepsa 1 Year T/C Gibraltar Dec (D/C) HNR
Sale and Purchase/New Buildings
No newbuilding news to report.
The 8,600 cbm semi-ref WINCANTON (built 2000 at Asakawa Shipbuilding, Japan) has apparently been in the Transgas Peru fleet since August. We are unsure if this is a straight sale or a bareboat. The vessel was sold by Petredec to Australia Gas (run by Pareto) back in 2013 for a reported price of US Mill. We would currently estimate that she is worth region US Mill.
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