The Baltic Exchange: Gas report - Week 50
The Baltic Exchange: Gas report - Week 50
LNG
We have published the first BLNG 174 index following a short trial period. The new index will run alongside the existing BLNG 160 and shall be published twice weekly on a Tuesday and Friday. It follows consultation with the market, and members of the Baltic Exchange in response to shifting market patterns, as well as the need to remain current with market trends and vessel types.
The rates themselves moved negatively once again, unlike last year where rates were high and demand strong major players have been taking coverage for many weeks and have little to no short-term enquiry to cover unexpected cargo. A few bits of private business have been quoted in the Atlantic for January but a disparity of rate ideas has caused levels to soften.
For BLNG1g (known as BLNG1-174g for the new ship) Aus-Japan the 160cbm fell by around $13,000 to close at $100,754 while the 174cbm fell by the same amount to close at $122,273. BLNG2g US-Cont (titled BLNG2-174g for our new index) lost less and closed at $133,037 and $160,878 respectively on the 160cbm and 174cbm. Finally the BLNG3g (BLNG3-174g) finished at $132,791 and $159,990 for the 160cbm and 174cbm, respectively.
LPG
In terms of rates there isn’t much to report, the BLPG1 route from Ras Tanura-Chiba shifted less than 50cents on the week to close at $119.571 where it regained some of the loss seen mid-week, which fell as low as $111. Tonnage availability seems to have suggested that rates would fall further but a flurry of cargoes shown at week close pushed sentiment higher. More ships are of course routing via the Suez Canal now which has inflated the lists somewhat but it is generally status quo at the moment.
For the Atlantic routes, modest gains on the back of enquiry brokers explain are coupled with tonnage that could be taken out in the MEG so the list is perhaps not as plentiful as expected. The news that Maersk are now proposing that none of their vessel’s transit via the Suez (without prior authorisation) after a recent shooting on one of their ships pushes the canal situation from Panama into further array. Other owners may follow suit and tonne miles could be shooting up with vessels now transiting via the Cape of Good Hope. Rates for BLPG2 Houston-Flushing hovered around the week close of $111.4, giving a daily TCE earning of $133,454. While BLPG3 Houston-Chiba (notably the Baltic routing still requires this rate given via the Panama) at $206.143 a rise of $9.286 and a daily TCE earning equivalent of $123.259.
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