Weekly Market Report 1/3/19 – 8/3/19

NWE/MED

A positive week for the NWE coasters with market momentum building after IP week, however, despite a good number of cargoes being quoted, only a few were fixed as many were withdrawn or covered by trader tonnage. The week started with a number of prompt coasters in NWE and even though there were some prompt and forward deals concluded, more ships came open to maintain vessel availability. Consequently, competition between owners remains strong on market quotes, unless a charterer has a specific last cargo or vessel requirement. The large pressure tonnage remains tight with only one ship open at the time of writing. On the other hand, semi-ref vessels have had downtime in their COA programmes forcing owners to consider LPG cargoes to maintain employment. Demand into the Med remains strong with butane cargoes placed into North African ports from the Med and NWE and there has also been interest to take propane south from NWE. Overall, rates remain firm and despite an increase in cargoes on the market the level of competition and lack of concluded fixtures has allowed Charterers to put pressure on owners rates.

SEA/FEAST

With some players attending the annual LPG conference in Tokyo the market was slow this week. The refrigerated cargo importers in South China held off on looking at export opportunities due to low inventories and the booming domestic market. Second half March FOB cargoes ex South China were quoted at CP + USD mid 50’s pmt. Buyers adopted a wait and see attitude due to the high March CP price as well as their bearish view on the CP price for April. As a consequence, there was very limited spot activity on the coaster shipping market this week.

Time Charter Fixtures

Vessel                       CBM     Charterer Period               Delivery               Hire

Gas Libra                  84,500 SHV           19 Days +/- 5   Fujairah Mar-19 $12,000 pdpr

Telendos                  35,000 Trammo    Min 2 months Gib March            HNR

Navigator Pegasus 22,000 CNR           Short T/C          Caribs Prompt     HNR

Sale and Purchase/New Buildings

No Newbuilding news

SnP news: The fully-ref 25,000cbm, 1998 built “BUNGA KEMBOJIA” has been sold for region US$ 7m. The identity of the Buyers has not been reported but it is believed to be Indonesians Parna Raya

Scrapping

No Scrapping news

Disclaimer: This market report is prepared in good faith, however a significant part of it is based on estimates and market rumors and therefore nothing stated in the report should be taken as a confirmed fact.
StealthGas Inc. denies the responsibility for any errors and/or omissions of whatsoever nature found in the market reports posted on this website.
Source: StealthGas Inc