27th September 2019
It has been a quiet week for the coasters West of Suez where relets are still being pushed, and we notice further downward pressure on the spot market. Some coasters were fixed for consecutive voyages, as well as floating storage. Competition is still strong as we approach the weekend and more vessels will become available beginning next week. In addition, larger coasters continue to look at smaller cargoes. The Mediterranean market is quiet and relets are being pushed here as well.
There has been limited activity in East pressurized shipping market this week. Chinese buyers have been more cautious for imported cargoes due to expected customs restrictions during the Chinese national holiday week from 1st Oct. One positive development was that RAPID confirmed both on specification propylene and butadiene. However, it’s expected that the actual export might be delayed. Propylene supply is therefore expected to remain tight in October combined with on-going turnarounds in South Korea and Taiwan. The limited trading activity and ensuing holidays in China is resulting in a build-up of open vessels in the region.
Time Charter Fixtures
Vessel CBM Charterer Period Delivery Laycan Hire
Gaschem Atlantic 8,500 Eco Petrol 2 months Point Lisas Mid Sept HNR
Eagle Ford Lady 38,000 Ineos 2 months USG 10-11 Oct HNR
Pacific Dongying 84,000 SHV 2 months AG 14-15 Oct $64 RT-C TCE
Sale and Purchase/New Buildings
No newbuilding to report.
The 18,000 cbm fully ref PRINS MAURITS (built 1997 at Hitachi, ex-HAVSOL) has delivered to new Owners/Managers “Asia Charm Ltd, UAE” and has been renamed MORITZ. The deal involves an early redelivery of her T/C with Vitol.
Further to previous reports we understand that the 85,827 cbm KAILASH GAS (Built 1992 at Boelwerf) has again been sold to an unknown Far Eastern buyer for US$ 12.5-13m basis delivery early October 2019.
Kunlun Shipping have been caught out by US Treasury and are facing sanctions along with their affiliate Kunlun Holding. Kunlun have been an active player in the VLGC S&P market, linked with the purchase of up to six VLGCs since 2013. Current records indicate that Kunlun Shipping control three vessels, two VLCCs and one VLGC, the SEA DOLPHIN (78,000cbm built 2000 in DSME).
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