06th September 2019
A busy week for the NWE coasters with cargoes quoted from various UK and Scandinavian outlets. Many requirements were on prompt dates, and despite limited trader relets, there has been enough tonnage to cover them. Next coaster positions are now showing early next week depending on turnarounds at disports, with some delays discharging in ARA which has affected owner’s forward programmes. For the larger vessels, discharge delays in ARA and Morocco have meant that the next vessels are showing firm positions early next week, whilst semi-ref vessels continue to have limited gaps between COA liftings.
With increased activity in NWE, coaster freight rates have steadied although charterers are still looking to improve on last done. In the large segment, rates continue to hold, with NWE balanced between shipping and product, whilst ongoing activity in the south/Med is keeping the fleet steadily employed.
There were limited enquiries in the east pressurized market this week. Spot LPG activity had reduced as market participants moved to the side-lines, anticipating September CP price announcement. In the butadiene markets, limited regional supply and falling downstream price have restricted shipping activity. September Propylene discussions also waned down after the conclusion of propylene tender cargoes from Indonesia and Map ta Phut previous week, both of which will reportedly head north. Balanced domestic China supply in September will also further restrict buyers’ interest for imported cargoes. With this reduced level of activity we expect some length building up in the pressurized fleet balance in the East.
Time Charter Fixtures
Vessel CBM Charterer Period Delivery Laycan Hire
SCF Tobolsk 35,000 Trammo 12 months Far East 1H Sept High k pcm
Epic Manhattan 9,500 Geogas 1 month Gib 03-05 Sep HNR
Sale and Purchase/New Buildings
- Kumiai Senpaku, Japan are in discussions for a single 5,000 cbm pressurized dual-fuel LPG propulsion vessel for delivery early 2022 in an unnamed Chinese Yard. The vessels will have a 4-stroke dual fuel engine, which is reportedly still under development. Further details to follow.
- Petredec have announced an order for two (plus option two) 22,000 cbm Ethylene carriers at Jiangnan Shipyard. Both firm vessels will be delivered in Q3 2021, whilst the optional vessels, if confirmed, will be delivered in Q2 and Q4 2022, respectively.
- Thenamaris has broadened their footprint in LPG with an order for two conventionally-fuelled 38,000cbm vessels at Hyundai Mipo Dockyard, Korea due for delivery in 2021 and option for another two. The Greece-based Owner currently has four 38,000 cbm midsizes on the water, and with these two orders their fleet in LPG will expand to six vessels in total.
No second hand news to report.
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