Weekly Market Report 7/06/19 - 14/06/19

14th June 2019

NWE/MED

Aside from a couple of smaller LPG movements, it has been a quiet week for the coaster market in North West Europe. Vessels remain plentiful and off the back of this, rates look set to soften from current levels without a pickup in enquiry early next week. The Mediterranean is no different, with several larger coasters beginning of build-up.

SEA/FEAST

            Within the East pressurized market, the Far East propylene price increased amid continued tight supplies in the region. Due to unresolved cracker disruptions and production cuts in South Korea, Chinese propylene buyers have turned to rely on domestic supplies. There have also been propylene discussions about north-bound propylene from Southeast Asia, including a mid-month tender from NSRP Vietnam. A Japanese trader was rumoured to be awarded the tender with their own TC ship. However, further spot discussions grew thinner as a result of weak PP and PP future price as a result of US-China trade war as well as stricter safety inspections. Butadiene discussions have also softened as a result of production cuts by a few key ABS plants in the region. The spot shipping market has yet to show signs of recovery amid lack of regional activities.

Time Charter Fixtures

Vessel                     Built CBM    Charterer Period        Delivery Laycan       Hire

Navigator Gemini 2009 20750 SHV           short TC     Fujairah 14-16 JUN HNR

Navigator Eclipse 2016  37300 Trafigura 30-50 days USG        end JUN     PDPR

 

Sale and Purchase/New Buildings

Korea Special Shipping (KSS) are widely reported to have placed an order for a single Panamax beam 84,000 cbm for delivery Q1 2021 which has been placed on TC to Vilma for an initial period of 5 years.

No SnP to report

Scrapping

 

We can now report that the Algerian flagged 6,600 cbm BAROUDA (built 1983) with 3,422 ldt, has been sold for recycling on private terms following a public tender which closed in March.

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