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StealthGas INC Weekly Market Report Weekly Market Report 23/12/11 - 6/1/12

Tuesday, 10 January 2012 | 08:45
NWE/MED: In the NWE market, activity started off pretty quiet as players were reluctantly returning to the market after the holidays. As the week progressed there were a few spot enquiries

NWE/MED

In the NWE market, activity started off pretty quiet as players were reluctantly returning to the market after the holidays. As the week progressed there were a few spot enquiries and even fixtures seen with the market getting pretty tight due to adverse weather conditions in the area. The bad weather reportedly resulted in some major ports closing for a few days creating delays. As a result vessel availabilities have become rather tighter and there are only a few vessels available on prompt open dates. The majority of the fixtures on the T/C side of the market seen this week were concluded before the New Year. Also the main players with enquiries in the market were Statoil and Shell this week. On the propane coaster market side, activity has remained the same with product available both from refineries and terminals with better availability seen from terminals on a prompt basis. Also weather conditions have not been cold enough for a considerable amount of time in order to accumulate some decent inland demand.  On the butane coaster market side of things, activity continues its upward trend with reportedly a couple of fixtures boosting prices. Product availability especially of good quality material remains quite thin and blenders are still showing their interest.

Moving to the MED now, this week has had a wobbly start similar to that seen in NWE. Not many enquiries or fixtures seen and since all players haven’t yet returned from the holiday break next week will be more determinative of the real situation. In the propane coaster market, activity remained more or less quiet with a lack of cold weather to help pick up activity and boost domestic demand. As reported there were some tonnes sold for lpg mixing requirements but generally there were very few spot requirements. On the other hand the butane coaster market was at healthier levels with ample demand continuing from Maghreb and the East Med. Also refinery supplies were not sufficient enough to cover requirements. As reported there were some lots traded ex South France and the market is expected to remain at these levels. 

SEA/FEAST


In the Feast pressurized market activity seemed to be at better levels for the first week of the year. There were reportedly quite a few spot cargo enquiries mainly ex. South China, Malaysia and Vietnam area. There were also a couple of short term tc deals reported this week for trading in Feast area. As far as China is concerned there was increased demand compared to the past couple of weeks and prices are improving. As reported the CNOOC Zhuhai plant stopped selling for a couple of days due to the gas leakage incident but there were no problems created to the supply chain.  Lastly in the Indian Ocean, activity remains particularly well scheduled on time charter but there is one vessel expected to come open in beg Feb. 

In the Asian ppl mrkt now, the spot market remains on the quiet side with majority of activity in the region seen accumulated by C4’s. There have been reportedly some ppl tenders in the market ex Pasir Gudang and Indonesia but nothing has been concluded up till now. Also the areas restocking needs didn’t manage to accumulate as much activity as expected but all the same there was some interest shown. Also btd cargoes loading ex. South Asia have had some problems due to a lack of vessel availabilities in the region. The rest of the petchems market remains more or less quiet with nothing significant to report. 

Time Charter Fixtures

Antarcticgas (15,000 cbm, blt 1991) was fixed for 9-12 months T/C to acct YARA with del Jan 2012– hnr.

Polar Gas (15,000 cbm, blt 1990) was extended for 6 months T/C in direct continuation of current charter to Yara taking effect in January – hnr.

Celanova (7,000 cbm) was extended for 1 year T/C in direct continuation of current charter to acct Veder taking effect January – hnr.

Gaschem Mosal (6,500 cbm) was extended for 1 year T/C in direct continuation of current charter to Marubeni taking effect Jan 2012- hnr.

DP Proteus (5,000 cbm) was fixed for 6 months T/C to acct Geogas with del end December / E Africa – hnr

Lady Margeaux (3,500 cbm) was extended for 1 year  T/C to acct Ineos taking effect Jan 2012 with del NEW –hnr.

Nusa Bright (78,000 cbm) was fixed for 3 years T/C to acct Pertamina with del Jan 2012 – hnr.

Sale and Purchase/New Buildings


BW Captain (78,000 cbm, blt 1991) tbr Nusa Bright was sold to PCL with del end Dec 2011 – price reported at around usd 35 mill. 

Scrapping

None Reported.

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Source: StealthGas INC 
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