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StealthGas INC Weekly Market Report Weekly Market Report 9/12/11 - 16/12/11

Tuesday, 20 December 2011 | 11:24
NWE/MED: In the NWE market activity this week continues to be busier with a moderate amount of enquiries and fixtures seen in the area. Cargo availabilities seem to be a little scarce and any new cargoes that might

NWE/MED

In the NWE market activity this week continues to be busier with a moderate amount of enquiries and fixtures seen in the area. Cargo availabilities seem to be a little scarce and any new cargoes that might appear are quickly snatched by owners. There continue to be some delays at ports in the ARA and down to Northern Spain due to adverse weather conditions in these areas but there are ample vessels available to cover any gaps if the need be. On the other hand, on the smaller coasters segment vessel availabilities have dropped considerably and freight rates are on the rise. Specifically, taking a look at the smaller vessels segment (3k-5k cbm), activity here was strong with the majority of fixtures being done here mainly by Petredec, SHV and Conocophillips. On the larger coasters side (6k-8k cbm), activity was quieter here as well but a lack of tonnage availabilities kept freight rates under pressure. On the propane coaster market side, activity picked up this week with traders in the market for cargoes as they try to take care of any gaps in their programs before the holiday season. On the butane coaster market side of things, activity was at quieter levels here but there was some seasonal interest seen and quite a few vessels were fixed away before x-mas break.  

Moving to the MED now, this week activity has increased as we approach the seasonal break with some fixtures finalized but there are still open prompt vessels available. Specifically, on the propane coaster market side, activity remains subdued with domestic demand being sufficiently covered for the time being by tc’s and coas. Interest for new spot enquiries remains low and the only activity reported was 1.6k tons from South France towards Barcelona. On the butane coaster side, activity here has increased considerably and demand was seen both from East Med and Maghreb. Demand for the product was not met by existing refinery supplies. Also according to reports there were quite a few fob tons traded ex Lavera on pnc basis.  

 

SEA/FEAST

In the Feast pressurized market activity has been somewhat quiet with a few enquiries and fixtures reported both on petchems and lpg sides of the market. According to reports activity was mainly seen ex. S China/ Sgpore range and there is also a lack of available tonnage seen in the area.  In N China more vessel availabilities can be seen but not much trading taking place. As far as China is concerned, product stock levels remain high and as reported the Qinzhou Dongyou Refinery and the Yancheng Petrochemical will be offline for about a month for routine maintenance operations. Lastly in the Indian Ocean, activity remains particularly quiet on the spot side of these keeping busy on coa and tc tonnage with one spot vessel expected open in East Coast India in beg Jan.

In the Asian ppl mrkt now, activity has picked up slightly as a result of traders trying to tie up any loose ends in their programs before the holiday season commences. According to reports demand was mainly seen ex. Balongan towards E China and then some activity for Korea towards E China. Furthermore the bad weather conditions in the area caused several delays to owner’s programs thus creating extra demand to fill in gaps. As far as cargo availabilities are concerned there were not many circulated and vessels under last cargo ppl are also scarce. On to the other petchem markets, the CC4 and btd segments have seen the most activity lately with most vessels busy under one of these grades. There was some increased activity here but was mainly due to delays in coa programs and not because of a real increase in product.

Time Charter Fixtures

Mill House (82,000 cbm) was fixed for 3 + 3 ops months T/C to acct Petredec with del Fujairah / end Dec – hnr.

Hellas Glory (82,000 cbm) was fixed for 1-2 months T/C to acct Petredec with del NEW / end Dec – hnr.

Al Majedah (23,000 cbm) was extended for 1 year T/C to acct Qafco with del beg Jan – hire reported at around usd 550-575k pcm.

Odergas (4,000 cbm) was fixed for 1 year T/C to acct Geogas with del Caribs – hire reported at around high 200k pcm.

Karoline N (75,000 cbm) was extended for 1 month T/C to acct Trafigura with del Dec –hnr

George N (60,000 cbm) was fixed for 15-30 days short T/C to acct with del Caribs / end Dec – hnr

Sloman Ariadne (20,000 cbm) was fixed for 3 + 3 ops months T/C to acct PDVSA with del Jan / Venezuela – hire reported around high usd 700k

 

Sale and Purchase/New Buildings

None Reported.

Scrapping

None Reported.



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Source: StealthGas INC 

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