Weekly Market Report 08/9/17 - 13/10/17

13th October 2017

NWE/MED

We have seen some activity in North West Europe this week with a number of enquiries. We have seen Charterers approaching only a few Owners, rather than checking the market, as the overall position list is still relatively tight. Owners have managed to conclude business which keeps their vessels employed until very end of October whilst others are busy covering their own COA program. We will most likely see more confirmed positions during early next week as discharge ports is expected to be confirmed. Throughout the week we have seen a couple of iso-butane enquiries ex Scandinavia and butane ex UKC, for delivery within ARA range or further south. Prior weekend there are Charterers looking at propane ex UKC into ARA for end October dates. Rates are still strengthening prior weekend for the smaller segment.

SEA/FEAST

In the pressurized market in the East, we have an increasing number of petchem cargoes being discussed in the market although a tight shipping market has restricted materialization of some business. In terms of butadiene, we have seen some interest to sell from a Southeast Asia supplier but there was not enough interest from buyers in Far East. Haldia Petrochemical (HPL) has issued a tender for 80,000 MT BTD for export in 2018 and the tender will be concluded in November. With regards to LPG, we expect more LPG tender volume to be available via a sales tender from Pyongtaek South Korea next week. The spot shipping market is tight with owners’ vessels well covered for October and we expect same to continue next week

Time Charter Fixtures

SCF Tobolsk (2006-35,000cbm)/Trammo/30-60d/Del-redel AG ppt/ USD low 400s pcm

Nisyros (2009-35,000cbm)/Geogas/short TC/Del-redel Caribs mid OCT/HNR

Telendos (2010-35,000cbm)/Geogas/short TC/Del-redl Caribs in DC/HNR

Sloman Ariadne (2011-20,700cbm)/CNR/30-60 d/Del-redl Caribs ppt/ HNR  

Sale and Purchase/New Buildings

No NB news to report.

Following our earlier reports, the 2001 built, 82,200cbm “BW Vision” successfully delivered to state-owned Shipping Corporation of India (“SCI”) in mid-September and has been renamed the “Nanda Devi”. The final sale price is believed to be somewhere in the region of US$ 34m

Scrapping

Embattled owners Varun Shipping are officially marketing for sale their fleet of elder LPG vessels. In total, 8 vessels are scheduled for demolition, two via Auction process in Dubai and six on a delivered basis, no later than November 30th 2017, into the demolition Yards in India. The eight vessels are comprised of 1 x VLGC, 1 x LGC, 6 x MGC/Handy. This will be welcomed news to the LPG owning community who continue to suffer the effects of oversupply and weak freight market

week

 


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