Fearnleys Weekly - Gas

Chartering

The market for VLGCs in the East is tightening further. The list of vessels available for loading within the month of September is getting shorter as ships are being booked one-by-one, and rates are increasing slowly but surely by a dollar or so on a week-on-week basis. The week so far we have seen one ship being fixed on Indian business, with another potential cargo being worked. As for the standard MEG/East runs, we have seen some 3-4 ships being fixed with another 2-3 on subs at the time of writing. The Western market is experiencing a lot of uncertainty due to large delays for Houston loadings, 1 ship which berthed in Targa around the 19th of August has only managed to leave the terminal yesterday, which means the ship has stayed at berth for close to 2.5 weeks. It’s been a quiet week in terms of spot activity for October loadings as most players seems to sit back for a bit, waiting for news on when the terminals are going to be able to load all the ships waiting for revised laycans. Freight for Houston/East via Panama has risen as a result of the massive delays and availability of ships looks tighter than it’s been for a long time, we expect Owners sentiment to stay strong in the weeks ahead.

Activity level

COASTER 15-23,000 cbm 82,000 cbm
Moderate Moderate Mixed

Rates

* Excl. waiting time, if any
SPOT MARKET (usd/month)* This week Last week Low 2017 High 2017
VLGC / 84,000 340,000.00 295,000.00 180,000.00 765,000.00
LGC / 60,000 390,000.00 380,000.00 350,000.00 500,000.00
MGC / 38,000 420,000.00 420,000.00 420,000.00 550,000.00
HDY / 22,000 350,000.00 350,000.00 350,000.00 550,000.00
ETH / 10,000 440,000.00 440,000.00 440,000.00 540,000.00
SR / 6,500 390,000.00 390,000.00 390,000.00 450,000.00
COASTER Asia 195,000.00 195,000.00 190,000.00 195,000.00
COASTER Europe 190,000.00 165,000.00 110,000.00 195,000.00

LPG/FOB prices (usd/tonne)

Propane Butane ISO
FOB North Sea / ANSI 447.00 445.00
Saudi Arabia / CP 480.00 500.00
MT Belvieu (US Gulf) 426.57 439.41 458.25
Sonatrach : Bethioua 475.00 475.00

LNG

SPOT MARKET (usd/day) This week Last week Low 2017 High 2017
East of Suez 155-165'cbm 38,000.00 38,000.00 25,000.00 40,000.00
West of Suez 155-165'cbm 43,000.00 43,000.00 29,000.00 52,000.00
1 yr TC 155-165'cbm 36,000.00 35,000.00 31,000.00 36,000.00

Sales and purchases

Vessel Cbm Type Built Buyers Price Misc
No reportable sales this week