NWE/MED: In the NWE market, activity remains at same levels as last week with quite a few enquiries and fixtures
In the NWE market, activity remains at same levels as last week with quite a few enquiries and fixtures being finalized. There were many cargoes seen circulated in the market this week with quite a few indications from owners. Oil Majors are mainly accumulating all of this biz with fixtures finalized both on trader and owner tonnage. Furthermore due to the increased spot activity in the area freight rates have been substantially lowered as a result of all of this competition. Also delays continue to be seen around the ARA with vessels waiting their turn to berth. The list of open vessels has been reduced but there are still vessels open prompt and ready to be fixed thus keeping the market bullish. More specifically the propane coaster market remains on the quiet side with the continued warm weather conditions hindering demand with not many requirements seen. There is ample supply of product available but not there is no rush from buyers side. On to the butane coaster market, activity is quite higher here as usual but this week saw a slight slip in demand but things are still staying stable. Supply is ample here as well but buying is on the slow side this week.
Moving to the MED now, this week market activity seems to be increasing with more enquiries and fixtures seen in the area. Also there seems to be some vessel length but most positions have been covered as fixtures were on the strong side. In the propane coaster market specifically spot demand remained quiet and most inland demand was covered by coa contracts. Also supplies are at good levels and sellers are in no rush to get rid of tonnes. On to the butane coaster market now, activity was somewhat subdued as product availability continues to be weak due to petchems absorbing the majority of tonnes. According to reports the Moroccan July tender was reported awarded to 3 traders.
In the Feast pressurized market activity was on the silent side for the most part with spot enquiries on the short side mainly due to crude price volatility. There was limited activity seen on the lpg spot side as most positions have been covered by tc business. Furthermore there were delays seen at ports in the Feast and adverse weather conditions in S China and the Philippines have also hindered lpg activity. Also as reported quite a few vessels have been switching over to the more active petchem cargoes. In China, May imports were announced at 344k mt and export volumes at 160k mt.
In the Asian petchems market now, activity has been on the silent side with increased biz here and there depending on product. In the ppl market, activity was pretty much quiet with some enquiries reported specifically for 1500 mt parcels ex Spore- Anyer –E China del July but nothing finalized yet. On to the other petchem markets now, activity was restrained here as well but there was reportedly more enquiries seen for butadiene and CC4’s. Of course enquiries were mainly seen for the Sea region but the majority of vessels were coming open in the Feast and quite a few delays were seen in vessels schedules thus fixing was a problem.
Time Charter Fixtures
BW Nantes (59,000 cbm, blt 2003) was fixed for 6 months T/C to acct Geogas with del Gibraltar / July – hire reported at around usd 900k pcm.
Patagoniagas (15,000 cbm, blt 1991) was fixed for 6 + 6 opt months T/C to acct Geogas with del USG/ July – hire reported at around usd 590 k pcm.
Jenny N (60,000 cbm, blt 2009 ) was fixed for 3 months T/C to acct Statoil with del NWE/July – hire reported at about usd 900k pcm.
Gaz Providence (22,500 cbm, blt 2010) was extended for 30-60 days small T/C to acct Vitol taking effect in July – hnr
Dynamic Energy (82,200 cbm, blt 2002) was fixed for 6 + 6 opt months T/C to acct IOC with del MED/ July – hire reported at around usd 32,200 per day
BW Prince (82,000 cbm, blt 2007) was extended for 30-40 days T/C to acct Petredec taking effect in July – hnr
Sale and Purchase/New Buildings
Jag Viraj (22,900 cbm, fully ref, blt 1991) was reportedly sold to acct Siam Gas – price reported at around usd 10 mill
Source: StealthGas Inc