According to the Baltic Exchange’s Weekly Market Roundups published on April 28, 2023,
LNG
This month for LNG has been one of keeping the status quo. Rates have remained pretty flat throughout the month with this last week seeing only around $2000 lost on BLNG1g Aus-Jap (out of a total $10,498 lost throughout April). Fixing has continued, although with most of the positions being from sublet tonnage there has been fewer ships available as charterers and traders hold on to cover their own contracts.
BLNG2g has stayed very stable, moving a total of $200 over the week with a total movement from the start of the month of only $691. The index published at $42,041, a slight rise, driven mainly by the fuel prices. A similar story for BLNG3g Houston-Japan, which closed at $48,217 - a rise of $400 - but from the start of the month a fall of $1310. Market participants have been still mainly focussed on the period although rates for 1- and 3-year terms remain relatively flat. Six month period deals have seen an uptick in pricing with ships taking advantage of potentially higher winter months.
LPG
The BLPG routes saw little movement across the week once again. Fixing has continued with reported cargoes working out towards to the end of May. However, despite activity rates have remained relatively muted. Out in the East for a Ras Tanura-Chiba run, rates fell from a high of $78.571 midweek to close at $73.929 a fall of $4.5. The TCE earnings on the same run closed at $56,310 - a fall of just over $5000.
Out in the West a greater degree of fixing was done compared to the last two weeks. This had little impact on rates with BLPG3 Houston-Chiba seeing a moderate rise of just under $6 to finish at $131.714 from a low of $125.786. This rise didn’t do much to the TCE Earnings either, which closed at $67,789. Market sentiment is pushing towards the possibility that freight might have topped out. With sustained fixing and little to see for it, charterers look to be holding back. Vessel supply remains tight though and this type of position list can get market participants a little worried. More cargoes getting worked could push rates up more. For the quite quiet BLPG2 Houston-Flushing a minimal rise closed the week at $77.2, a slight fall from the week high of $78.6, but still a gain overall from the start of $1.6.
