NWE/MED: In the NWE market, activity was on the busy side this week with momentum slowing down on Thursday
In the NWE market, activity was on the busy side this
week with momentum slowing down on Thursday due to a holiday in the European
region. The number of enquiries seen was quite healthy and there were also
quite a few fixtures concluded with demand remaining at more or less the same
levels. Furthermore the number of vessels open on a prompt basis is moderate
with both pressurized and semi-ref vessels available and coa demand managed to
keep most vessels busy. On the other hand petchems seem to be doing well in
this region with quite a few enquiries seen. Freight rates also remain stable
with a pretty much balanced market between spot fixing and coa’s and with not
all positions covered there is no indication of rates rising in the short term.
More specifically the propane coaster market didn’t see that much demand for
product but there were quite a few cargoes circulated in the market. On to the butane
coaster market, activity has dropped slightly here as well with demand from
blenders particularly weak. Also the amount of butane cargoes circulated is
quite high with oil majors showing healthy interest.
Moving to the MED
now, this week market activity was at more or less the same levels as those
seen in NWE with healthy demand especially for butane. Also as reported there
were quite a few spot short haul cargoes seen in the market but nothing has
been finalized. In the propane coaster market specifically activity remains
quiet with little seen for spot interest and trading was subdued. Also as
reported there were some problems with exports ex Tunisia due to strikes at ports in
Gabes. On to the butane coaster market now, activity was slightly hindered by
petchem demand, picking up any excess from refineries and leaving less product
for seagoing demand.
In the Feast pressurized market activity was rather
quiet this week with the APIC conference in Kuala Lumpar having put a damper on
demand this week. As most players were tied up this week there was not much to
report on all sides of the market. As reported there were not many spot lpg
cargoes circulated this week thus fixtures were minimal.
In the Asian petchems
market now, there is subdued activity here as well with the annual APIC
conference in the region keeping traders occupied. As reported the majority of
activity was accumulated around btd and ppl cargoes with quite a few spot btd
fixtures reported. Also there was a ppl tender awarded this past week according
to reports for end May ex Balongan. Furthermore the number of open vessels in
the area has been quite moderate with scarcity seen especially in Sea region
giving the fixing advantage to owners.
Time Charter Fixtures
Maersk Virtue (82,000 cbm, blt 2007) was
extended for 3 months T/C to acct Petrobras with WW del – hnr
Diamond (16,500 cbm, blt 2006) was fixed for 3 months T/C to acct Norgas with
del Asia/ mid May – hnr
Patcarawadee 14 (3,030 cbm, blt 1980) was
sold for scrap – pnr
AAnadoluhisari (3,470 cbm, blt 1981) was
sold for scrap to breakers in Aliaga – pnr
Source: StealthGas Inc.