Weekly Market Report 20/7/20 - 3/8/20
03rd August 2020
NWE/MED
Another relatively busy end for the coasters in Europe. NWE has seen a steady flow of cargoes throughout the week, vessels are disappearing, and the position list is the shortest it has been in a long time. Valero is experiencing some issues at Pembroke, which has resulted in them taking on several coasters and a handy for floating storage. With owners more optimistic about the short term market, rates have and will likely continue to firm further. With that being said, most of the recent fixtures have been for short voyages, so a quiet few days could be enough to kill the momentum. Despite little action on the larger coasters, the market remains well balanced alongside a limited supply of ships.
SEA/FEAST
The East pressurized market has slowed down amid regional holidays in Southeast Asia. In the C4 Raffinate front, after two weeks of replenishment for August program, most Chinese buyers have shown limited appetite for further imports. This has led to at least two Southeast stems being pushed back or cancelled in August. There are a handful of LPG spot fixtures in Southeast Asia. However most are August loading and not enough ton-miles to cover the idle fleet in July. In addition at least three vessels will be positioned from west to Asia market in August and September, which might further lead to pressure of regional fleet employmen
Time Charter Fixtures
Vessel Cbm Delivery Laycan Period Rate Charterer
Navigator Leo 20600 Pembroke 26-28 JUL 15-30 d HNR Valero
Sale and Purchase/New Buildings
New Buildings
A year after signing a Shipping Joint Venture, Abu Dhabi National Oil Company (ADNOC) L&S and Wanhua Chemicals Group Co. Ltd. have signed a contract for 3 x 86,000cbm, Dual-Fuel VLGCs at Jiangnan Shipyard in China according to a report on the Yard’s website
Second Hand
No sales to report. The 78,000 cbm BERGE SUMMIT (Built 1990) delivered last week to Siamgas and has been renamed ORLANDO 1.
Scrapping
No news to report.
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