12th April 2021
For coasters in Europe we have seen the market taking a little breather this week with limited enquiries. However, rough seas and bad weather resulted in delays and lack of berthing prospects. At the time of writing the list is still pretty tight. However, going forward and looking into next week we should see the list replenishing itself and we expect the rates to remain steady and that charterers might test last done rate levels on prompt cargoes. In the Med it has been quiet with only a few butane cargoes going into Morocco
We have seen a slow-down of pressurized activities amid April regional turnarounds. Weak butadiene demand has led to reduced spot discussions. A few C4 Raffinate tenders from Southeast Asia were issued this week, but buyers’ interest has already moved to May delivery. There has also been limited April LPG discussions as demand from buyers remain low, which led to traders TC fleet idling. On the other hand, some LPG traders’ pressurized TC fleet had faced down time as a result of delayed VLGC LPG delivery to Asia for distribution due to the Suez incident in March. Going into next week, we expect to see improved vessel availability in 2nd half April.
Time Charter Fixtures
Vessel Built CBM Charterer Period Delivery Laycan Hire
Marcellus Lady 2016 38000 Mexgas 12 months USG End March HNR
Sale and Purchase/New Buildings
Hyundai have announced that they have taken five new orders, namely:
- 1 x 23k cbm fully-ref for E.A. Temile (Nigeria) at Hyundai Mipo Dockyard (HMD). The vessel will broadly be a sistership of the ALFRED TEMILE which was delivered last year and was based on the NLNG spec. However, unlike the first unit which was committed on period charter against the NLNG tender, this latest unit has been ordered speculatively. We understand that delivery for this fresh order is slated for July 2023.
- 2 x 91k cbm with Duel Fuel LPG for Eneos Ocean at Hyundai H.I. The delivery position is super early - Q4 2022 – which reflects a prolonged period from LOI stage to contract signing. The two vessels are due to be fitted with a shaft generator and have been committed on long term T/C with two different Charterers.
- 2 x 98k cbm VLEC for Eastern Pacific Shipping (EPS) at Hyundai H.I. against long term T/C to Zhejiang Satellite Petrochemical (STL). The purchase price is believed to be region US$ 110 mill each and are fitted with Dual Fuel main engine, which is capable of burning ethane or compliant fuel. These are reported to have been optional vessels originally held by STL which were transferred across to EPS.
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