According to the Baltic Exchange’s Weekly Market Roundups published on March 10, 2023:
LNG
Spot market activity is quiet and some cargoes ex-Australia have been quoted in the market for end April-early May. But while the Pacific sees some firm enquiry, the Atlantic has fallen nearly silent with next to nothing reported or worked in the market. The spot market has been dictated in part by availability, or a lack of ships willing to work on spot terms. Players with length are focussing on more profitable shorter-term requirements. With cargoes now ramping up from Freeport, tonnage will be swallowed for contractual movements in the Atlantic. Any potential spot cargoes could be put on the back burner for the time being. There has been little movement either side of Suez, which is creating a stalemate. The focus in both basins remains firmly on period. Rates for BLNG1g Aus-Jap fell a little over $1500 to close at $76,924 RV. The Atlantic saw similar falls to finish at $57,102 for US-UK, and $65,944 for US-East.
Period has continued to be the mainstay for brokers and traders with rates remaining steady. Shorter term conversations have proliferated the market this last week while owners weigh up the potential profits of booking in against probable quiet own programs. For longer period our current estimations for a 174k 2-Stroke vessel with 0.085% boil off and delivery one month ahead: $189,500 for 12 months, and $152,500 for three years.
LPG
The LPG market has had an extended absence of market players this week with the Tokyo LPG conference being well attended. This has helped hamper any gains for the LPG market in both East and West with rates on all three BLPG routes falling. The BLPG1 Ras Tanura-Chiba fell by $4.429 over the week falling below three digits to finish at $97.571. With ships fixing well into April, tonnage remains for some late March enquiry. However, uncertainty of cargo requirement could make these vessels wait until mid-April for potential stems to come into play.
The West saw similar drops on rates with BLPG3 shaving nearly $10 off over the week. Fixing has been steady and while the tonnage list is worked away there are more ships coming up towards mid-end April, which could eat further away at rates. Delays in the Panama are beginning to show again and this ought to help bolster numbers. But in the short term it has had little effect. BLPG2 finished at $80.6 a daily TCE Return of $86,786, while BLPG3 fared worse falling nearly $10 to close at $144.143, a TCE daily equivalent earning of $73,126.
