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17^rd May 2019

NWE/MED

The NWE coaster market was fairly active this week with several cargoes quoted and then quickly placed on subs or fixed which helped take away some shipping length. Despite this there are still several ships showing open prior to and over the weekend. Essar were particularly active, fixing LPG and Propylene cargoes ex Stanlow off prompt dates. Although owners are hoping that rates will begin to rise on the back of this increased demand there needs to be a period of a sustained increase in activiyu in order to reduce the number of open ships and competition between owners.

The larger pressurised ships have seen an increase in demand ex Spain and the West Med, however, with the delays in Morocco easing there have been sufficient tonnage to cover the quotations. Currently, there are pressurised ships coming open soon in both the North and South whilst semi-refs are also showing gaps, though slightly less than last week.

SEA/FEAST

            The Asian pressurised LPG market continues inactive with reduced buying interest for 2h May cargoes due to a bearish view of the June CP price. The FOB price for FH June cargoes in South China was quoted at June CP + USD mid-high 50's pmt. The Chinese domestic wholesale market fell to Yuan 4050 to 4450 pmt in South China and Yuan 4300 to 4500 pmt in East China. In SE Asia, there was some selling interest for both end May and early June dates for 2.5kt Butane ex West Malaysia though with CFR/ DES offers too low no deal been concluded yet. There were rumours that a Malaysian supplier had put a 5000cbm ship on subs for an end May loading, however, it is uncertain whether the deal will be finalised

Time Charter Fixtures

Vessel                  CBM     Charterer Period        Delivery                             Hire

Breeze                 83,000 Borealis   55-90 days  Marcus Hook 24-25 Jun $43,000 pdpr

Jag Vayu             37,000  HPCL        12 months  AG  22-24 May                 HNR

Sabarimala Gas 35,000  SHV           30-60 days AG  28-30 May                 HNR

Coral Favia         10,000  Novatek   12 months Baltic  Jun-19                    HNR

Coral Fungia       10,000 Novatek    12 months Baltic  Jun-19                    HNR

Gas Odyssey        9,000  Propilco     12 months Caribs  FH June                HNR

Sale and Purchase/New Buildings

No fresh orders to report.

On the sales market, Epic have confirmed the purchase of Petredec's four x 11,000cbm vessels built in 2015 for a reported $106.5 million. The deal is subject to finance buy given that Epic are now effectively owned by BW Gas this is not expected to be a problem.

Scrapping

No Scrapping News

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