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StealthGas INC Weekly Market Report Weekly Market Report 16/12/11 - 23/12/11

Wednesday, 28 December 2011 | 10:29
NWE/MED: In the NWE market activity this week remains pretty much silent as the expected last minute fixing flurry for this time of the year was not seen. There were only a few enquiries and fixtures

NWE/MED

In the NWE market activity this week remains pretty much silent as the expected last minute fixing flurry for this time of the year was not seen. There were only a few enquiries and fixtures witnessed with product prices having their ups and downs. Also as far as vessel availabilities are concerned there are still some candidates remaining open but for the most part charterers seem to be covered till the beg of Jan. Specifically, taking a look at the smaller vessels segment (3k-5k cbm), the majority of fixtures were realized in this sector but even here activity has been restrained as the holiday season has slowed things down. Also there were some delays seen at ARA ports due to strikes but this didn’t cause severe problems. On the larger coasters side (6k-8k cbm), activity was very silent with the smaller vessels segment taking up all the attention. On the propane coaster market side, activity has dropped yet again with little interest seen for spot fixing and refinery tons seem to be scarce. Also the warm weather conditions are not helping activity pick up and it most likely won’t improve until the years end. On the butane coaster market side of things, activity has picked up some momentum this week with blenders showing their demand yet again. Also there is an arbitrage opportunity available with the South and good quality product is still hard to find.

Moving to the MED now, this week activity in this sector seems to be more or less the same seen in NWE with little in terms of enquiries and fixtures as most traders seem comfortable till end of the year. Also there seem to be some spot prompt vessels available but there are some approval issues that are preventing fixing. Specifically, on the propane coaster market side, activity was rather quiet with warm weather conditions hindering any real demand in the area. There were reportedly no spot fixtures concluded and things are expected to remain quiet as the holiday season is in full swing. On the butane coaster side, activity was better off with continued demand from East Med and Maghreb for yet another week. The only hindering factor was a lack of prompt availabilities decreasing fixtures. As reported about 3 lots of 2-3 kt were traded fob ex Lavera for Dec loading. 

SEA/FEAST


In the Feast pressurized market activity continues to be on the quiet side with little spot interest being shown. As reported some demand was seen for end of the month fob tonnes ex Seasia but nothing materialized. Sentiment here is the same as that seen in Europe with no flurry of enquiries seen before the holidays with most traders covered on their own tc programs. Lastly in the Indian Ocean, activity remains particularly quiet on the spot side of things as the majority of traders are well scheduled for the years end.

In the Asian ppl mrkt now, the spot market was particularly quiet with activity focused on tc deliveries. Also the usual enquiries seen in the intra-SEA region were pretty much silent as most traders are well scheduled for this year and beg Jan.  On to the other petchem markets now, the cc4’s and btd are accumulating the most activity but not much was seen moving this week mainly due to a lack of prompt vessel availabilities. According to reports there have been some delays due to congestion at ports around the Feast pushing positions back to Jan. As far as the vcm market is concerned activity was very silent mainly due to some reportedly unfortunate events at plants in the region.

Time Charter Fixtures


Clipper Orion (60,000 cbm) was extended for 6 months to acct Geogas taking effect in Jan 2012 – hnr

Navigator Leo (20,700 cbm) was fixed for 1 year T/C to acct CSSA with del Med / 1H Jan – hire reported at around usd 750k pcm.

Gaschem Nordsee & Gaschem Adriatic (17,000 cbm) were fixed for min 2 years + ops T/C to acct Evergas with del Jan/ Fujairah – hnr.

Berge Ningbo (82,000 cbm, blt 2006) was fixed for 30-60 days short T/C to acct Petredec with del Jan / Caribs –hnr

Antarcticgas (15,000 cbm, blt 1991) was fixed for 9 months + months ops T/C to acct MISC with del end Jan / Sea – hnr.

Sale and Purchase/New Buildings

Bunga Kekwa (3,500 cbm, blt 1995) was sold by MISC to an Indonisian buyer – price reported at around usd 4.25 mill

Scrapping

None Reported.



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Source: StealthGas INC 
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