NWE/MED: In the NWE market, activity continues at the same more or less levels as last week with quite a few
In the NWE market, activity continues at the same more or less
levels as last week with quite a few enquiries and fixtures reported in
the area. The cold weather conditions are still present creating more
demand for propane cargoes and butane has seen continued healthy
interest. Also as far as vessel availabilities are concerned the market
is quite tight with limited spot vessels seen as most are busy on coa
and spot fixtures. Furthermore another tightening market factor has been
the reported ongoing strikes in Belgium which is creating problems to
vessels schedules and demand from the South is still quite strong.
Furthermore the Black Sea area is still experiencing some delays but
things are starting to clear up with enquiry levels quite high. More
specifically the propane coaster market this week has seen improved
interest with increased inland demand due to the continued cold spell
that has improved buying conditions. Also interest is mainly seen for
coa programs but spot demand is also present but on a lesser level. On
the other hand the butane coaster market maintains healthy activity with
enquiries and fixtures remaining buoyant. Also spot activity remains
strong with freight rates firming up and petchems have increased their
demand due to the cold weather extending seasonal demand. Also there
were quite a few tons seen going Southward chasing after increased gains
in the area.
Moving to the MED now, this week the market remains strong with the
extended cold weather period accumulating substantial demand on both
grades. The shipping market remains rather tight as a result and
charterers are looking towards the spot market in order to cover gaps in
programs and vessel availabilities are in shortage. In the propane
coaster market in particular, there continues to be a surge of interest
for spot cargoes as the winter temperatures have resulted in limited
inland stocks which need to be replenished. On the other hand the butane
coaster market continues to be quite firm with demand mainly coming
from Maghreb and N Africa but there is a lack of supply creating
problems. Also as reported the majority of refinery availabilities were
done on a p+c basis.
In the Feast pressurized market activity was not as strong as last
weeks but there were still enquiries seen and a handful of spot fixtures
reported. Also according to reports the number of available vessels on a
prompt basis in February is limited adding pressure to freight rates.
On the tc side of the market there were reportedly some short tc’s in
the area along with some extensions but no long term tc’s seen yet. The
market remains tight as most vessels are tied up as the cold weather
conditions continue and reportedly many vessels are switching from
petchems to lpg. In China, as reported refineries are replenishing their
stocks and petchem facilities (namely Sinopec Maoming and Zhenhai
Petrochemicals) in the area are still under planned maintenance
operations having reduced their production rates for most of March.
Lastly as reported next week’s activity is expected to drop slightly due
to the LPG Seminar being held in Tokyo.
In the Asian petchems market now, ppl is still active this week with
quite a few enquiries seen for cargoes mainly ex Yosu toward E China and
even some unrealised interest ex Map Tha Phut. Also coa programs seem
to be quite tight in the Sea and Korea region but there have also been
some delays in East China ports. On to the other petchems markets now,
activity in the cc4 market was a bit quieter this week as owners were
mainly busy on coa tonnage. On the vcm side of the market activity is
silent as cargo availabilities are restricted. Furthermore the arbitrage
window between USG-Asia is closed for now. Elsewhere b1 has seen some
demand with an enquiry for 1200 mts reported ex Yosu for MTP and ex
Taiwan for Sea del beg March. As far as the raffinate market is
concerned traders remain rather well scheduled.
Time Charter Fixtures
Navigator Neptune (22,000 cbm) was fixed for 6 months T/C to acct Trafigura with del USG – hnr
BW Prince (82,000 cbm) was fixed for about 2 months + ops T/C to acct Petredec with del Med / beg Mar – usd 29,000 per day
Baltic Gas (20,500 cbm) was fixed for about 2-3 months to acct Hyproc with del Med – hire reported at around mid 800k pcm.
Hellas Glory (80,000 cbm) was extended for 15-30 days T/C in direct
continuation of current charter to acct Gunvor taking affect in March-
Linden Pride (78,900 cbm) was fixed for 1 year T/C to acct Shell with
del WW / March – hire reported at around usd 600k-1.2 mill pcm
Co-op Akebono (75,000 cbm) was fixed for 1 year T/C to acct Shell with
del WW / March – hire reported at around usd 800-850k pcm.
Jenny N (60,000 cbm) was fixed for about 30-60 days T/C to acct Petredec with del Caribs / March – hnr
Sale and Purchase/New Buildings
Maharshi Labhatreya (24,048 cbm, blt 1982) was sold by Varun to Mount Risho Investments for storage in Africa
Source: StealthGas INC