10.07.2019 kl 16:09 8710

Fra Fearnley i dag.

VLGC (84 000 cbm) $2,020,000 -$50,000

Limited activity in the Western VLGC market has made true market value opaque. Owners are reluctant to indicate lower than USD 120pmt Houston/Chiba, but excess availability of freight relative to cargo inquiries up until mid August suggests that there is possibly room for some weakening in the market. Waiting time will be a deciding factor in the magnitude of this.

Indeed, this week most activity has been centred on WAF, with a number of cargoes and tenders being released in the region. Shipowners have indicated rates of around USD 120 Bonny/Chiba, but the threat of idle freight in the US and a couple of possible relets in the East are indicative of probable downwards pressure; perhaps this is already being reflected in the declining Baltic.

In the East this week, the owners with the most vessel availability have indicated levels in around the low USD 80s, which has been somewhat at odds with a declining Baltic. The cause of this is most likely the availability of increasingly competitive relets which are yet to be fixed.

There have been a couple of fixtures loading out of Australia end July, and there have been a few potential cargoes in the MEG for end July/early August, but these do not seem to be enough to absorb much vessel availability. However, we are still waiting for the outcome of various WAF tenders that could absorb more shipping and decide the direction of Baltic in the short term.

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