This week has been fairly busy with several different cargoes floating around in North-West Europe. Yet there are a couple of smaller coasters prompt open as we approach the weekend, and more expected to become available middle/end next week. Prior weekend a couple of charterers try to find ships for prompt loading, but we also see requirements up to ten days in advance. The larger coasters have been busier, especially in the MED, and rates are firming up. However, we expect rates to come under downward pressure going forward as vessel availability will increase.
We have seen an increasing level of East pressurized spot activities this week. In line with increasing production from Hengyi’s refinery in Brunei, a handful of vessels have been employed for the November LPG exports. Butadiene spot activities also helped with vessel employment with second RAPID butadiene export reportedly fixed on a traders’ relet vessel. The active spot market has led to a tight November market together with upward pressure on freight.
Going forward, with more LPG exports expected from Hengyi, we might see increasing employment of vessels for the Brunei exports, which might further tighten the spot market
Time Charter Fixtures
Vessel CBM Charterer Period Delivery Laycan Hire
Nashwan 22,000 OCI 12 months in D/C Jan-20 HNR
Bering Gas 22,000 Geogas Trip T/C Kwinan 6-7 Nov HNR
Navigator Taurus 20,500 Geogas 40-60 days Med 10-11 Nov HNR
Sale and Purchase/New Buildings
Korea Special Shipping (KSS) have expanded their series of Panamax beam 84,000 cbm’s, fitted with an open loop scrubber, to four vessels on order at Hyundai H.I. This fourth vessel has been contracted against a TC to BGN for a period understood to be 5 years firm with an option for an additional 2 years. This is the third Panamax 84,000 cbm fixed on TC to BGN, whilst the first vessel in the series was fixed on TC to Vilma Oil.
The ethylene capable 7,164 cbm CORAL PALMATA (built 1994 at Cant. Nav.Pesaro, Italy) has been re-registered to a Panamanian company named “Glory Advanced Ltd” and has been renamed GAS SHANTE. No further details are known about the Buyer except that they are Chinese.
Disclaimer: This market report is prepared in good faith, however a significant part of it is based on estimates and market rumors and therefore nothing stated in the report should be taken as a confirmed fact.
StealthGas Inc. denies the responsibility for any errors and/or omissions of whatsoever nature found in the market reports posted on this website.
Source: StealthGas Inc