|Weekly Market Report 10/5/13 - 17/5/13|
17th May 2013
In the NWE coaster market, activity remains positive with quite a few enquiries and fixtures actually realized. Contributing to the activity in the market are predominantly butane spot cargoes that have been fixed this past week. The situation on the smaller sized vessels continues to be on the tight side with slim chances of finding a vessel this week with some availabilities seen towards the end of the month. Also on the larger sized vessels segment things are tightening up here as well although there are still a couple of vessels available on a prompt basis. As a result of steady fixing activity freight rates remain stable and are showing no signs of dropping for the most part. Looking at each market separately now, the propane coaster market seems to be on the silent side with no real demand seen this past week and no fixtures to show any activity either. On the other hand the market seems to be balanced for the most part with demand and supply pretty much at the same levels. On the butane coaster market side, activity has picked up this week with quite a few spot fixtures realized with the majority of demand coming from petchems. Blenders according to reports are absent for the most part. Also butane prices are dropping due to the influx of spot tonnes in the market this week and various maintenance operations scheduled at plants during May and June.
Moving to the MED now, this week activity was a bit subdued as some holidays in the region slowed things down. The situation in the Black Sea region remains stable with tonnage availabilities quite ample but most players are not exactly in the mood to fix right now. On the propane coaster market side in particular, demand continues rather weak with nothing new to report here. On the butane side of the market, activity was balanced for the most part. Petchems showed the most demand for this product as an alternative feedstock and there was also some interest for seagoing trade.
The Feast pressurized market continues to be on the silent side this week with restrained fixing and only some lpg cargoes reported ex S China but only one has been reported fixed thus far. Despite the lack of fixing in this region recently freight rates have reportedly remained stable but with quite a few vessels expected to come open in the near future, rates will be under some pressure. Taking a closer look at China now, prices continue to rise in S China on the back of increasing crude prices. Also in East China major refineries continue to have high stock levels and weak domestic demand with selling kept at a minimum.
In the Asian petchem market, activity in this segment has picked up ever so slightly this week with some enquiries seen but there are still quite a few prompt open vessels in the Feast. As reported there were enquiries for btd spot cargoes mainly ex Map Tha Phut and Malaysia towards Korea. Also according to reports a parcel of Raffinate was fixed ex Spore towards E China del beg June and one Butane 1 cargo was fixed ex Yosu to Al Jubail.
Time Charter Fixtures
Symi (35,000 cbm, blt 2012) was fixed for 8-12 months T/C to acct SHV with del MEG / mid May – hire reported at around mid-high usd 700 k
Sale and Purchase/New Buildings
Bente Kosan tbn No 5 SJ Gas (5,000, fully press, blt 1998) was sold to acct SJ Tankers – price reported at around usd 7.3-7.5 mill
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.
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