Weekly Market Report 2/3/18 - 9/3/18

9th March 2018


Coaster activity in the North has picked up slightly compared to last week. We have also seen a couple of cargos being re-quoted with amended dates as vessel availability has been tight whilst Charterers have had flexibility. Moreover, owners are still struggling to meet timings due to delays that occurred from last week. Rates for coasters (all sizes) are still under pressure but we will see more vessels coming open mid/end next week. Some owners are awaiting discharge declaration and we also notice others having their vessels on subs due Monday. Most of the cargos we have seen has been butane and propane ex UK Coast and Scandinavia. Karslhamn export has been busy with smaller and larger quantities and we see larger coasters in general continue to be busy, both with LPG- and petchem liftings. The Mediterranean is quieter with only a few talks around cross-MED enquiries which has not been concluded prior weekend.


                We have seen an increasing level of activity in the pressurized market in the East. This is mainly due to active Crude C4 and C4 Raffinate March export from Southeast Asian suppliers, including Chandra Asri, Shell. Prompt positions in Southeast Asia were soon fixed, leaving behind limited vessel candidates in March. In the same week, Titan withdrew their end March butadiene sell tender this week amid unfavourable pricing and lack of shipping availability. On the other hand, March propylene supplies were limited amid continued shutdown in South Korea and Taiwan, leading to a propylene capacity loss to a 10-month high in March. PTT issued a propylene tender for April this week. Tender results were not yet reported at the time of writing. Propylene supply will tighten further in May and June during the regional turnaround season. Shipping will be expectedly tight in rest of March with prompt positions cleared in March and majority of owners saw their program covered until April.

Time Charter Fixtures

Gaschem Stade (2010-35,000cbm)Global Shipping/3 m/Del-redelCaribs 06 MAR/USD low 400k pcm

Kent (2007-35,000cbm)/Trammo/25-35 days/Del-redel Ain Sukhna-India 05 MAR/USD 410k pcm

Solaro (1996-37,000cbm)/Trammo/30-40 days/Del-redel Singapore-Fujairah Prompt /abt USD 400k pcm

Sale and Purchase/New Buildings

No SnP news to report this week.

New Buildings news: In what is a ground breaking moment for LPG shipping, Exmar announced last Friday that the two 79,500 cbm Panamax beam VLGC’s which they have on order at Hanjin Heavy Industries (HHIC) Subic Bay facility in the Philippines would be fitted with dual fuel 2-stroke main engines that can burn LPG. These vessels were ordered against 5 option 5 year charters to Statoil who were holding options for either an Exhaust Gas Scrubber or LPG dual fuel. The engines are being supplied by MAN B&W under co-operation with Lloyds Register. We understand that the vessels will be fitted with two 360 cbm deck tanks plus a buffer tank. When in LPG mode, the vessel would not emit any SOx and substantially reduces CO2 and NOx emissions.


BW has committed the 57,200 cbm BW HAVIS (built 1993 at Kvaerner Govan) for Green Recycling in Alang for a price reported to be US$ 475/ldt.


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