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27^th March 2020

NWE/MED

It has been a quiet week for coasters in North West Europe with only a handful of cargoes quoted throughout the week. However, with a limited number of relets available the position list is still tight on the prompt side. The rates are holding up and we have seen a few SR vessels jumping in on the traditional PR trades as there is more length for SRs. In the Mediterranean we have seen an increase in activity on larger and smaller coasters and the most PR ships are moving. However, we should see some vessels coming open over the weekend.

SEA/FEAST

East pressurized shipping activities remain subdued this week as lock-down of a few countries in the region and concern over the corona virus outbreak led to weak market

sentiment. Spot shipping activities were restricted to a few LPG contractual cargo movements and a few propylene restocking from North China buyers. Despite improvement of propylene supply in April, downstream PP market remains soft as China has yet to fully recover in demand. Shipping market is suffering from the further slow down of the market and we expect to see prompt ships open in both Southeast

Asia and Far East Asia next weeks.

Time Charter Fixtures

Sale and Purchase/New Buildings

New Buildings

Union Maritime, a UK based Owner who is a newcomer to LPG, are understood to have now signed a contract at Hyundai H.I. for one option one 91,000 cbm, with a technical option for LPG dual fuel, but without a shaft generator. We understand that the price is in the low US’s mill, which reflects a single vessel order. Delivery is expected to be within 1H 2022. The existing orders at HHI are for a 90k cbm with the addition of a shaft generator, which reduces the cargo capacity by 1k cbm. Union Maritime are known for having close connections in West Africa. There are unconfirmed rumours that the firm vessel has been contracted against employment with an unnamed Oil Major / Trader.

Second Hand

No news to report.

Scrapping

Petrobras are understood to have sold the 8,140 cbm semi-ref GRAJOU (Built 1987 at Meyer Werft, 4,939 ldt) for recycling. The vessel was sold by online auction for US or just under per LT LWT basis “as is” Rio de Janeiro. She is expected to proceed under her own power, most likely destined for India..

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