20.05.2019 kl 09:53 1265

LNGC: Spot rates moving further up, limited ship availability
The LNGC spot market continues to heat up, with another six fixtures (at least) concluded last week according to Poten & Partners. Another five are on subjects

With this, vessel availability remains low, withonly two vessels promptly available in the Atlantic basin. Eight ships free in the Pacific, however most of these are less efficient steam shipsRates have surged over the past week, with TFDE-rates quoted on average around USD 56,500/day –up near 50% in two weeks. So far in May we have seen near 25 fixtures, which sets the month on par to beat theall-timehigh count of 44x fixtures from May last year.Brokers are now already talking about MEGI-rates approaching six digits, withTeekay LNG Partners having fixed a 2008-built ship to Cheniere for a year at aroundUSD 80,000/day. This would peg MEGI-rates near USD 100,000/day for the same duration

Flex LNG is reportedly also closing in on maiden work for its next newbuild, with the Constellation (according to Tradewinds) on subjects for a 20-40-dayjob straight out of the yard

While the longer-termsustainability of LNGC spot rates have been dampened (in our view)after all the newbuild orders over the past six months, we still expect strong momentum going forward. Flex LNG and Golar LNG are our toppicks on this rebound

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