18th May 2021
Reduced vessel availability in North West Europe resulted in charterers quoting cargoes on forward dates in order to secure vessels for their cargoes. The market remains active and the rates are holding strong for the time being. On the larger coasters the market has been more quiet, and we have only seen a couple of cargoes going into Morocco. However, the positions are balanced, and the rates remains steady.
In the East pressurized market, propylene prices increased this week due to tightness in supply owing to a few plant disruptions. Tightness of propylene in May has led to some idle time of the Far East fleet under propylene. In Southeast Asia, PTT closed a C4 Raffinate and a propylene tender each for June. Both cargoes were reported awarded to Japanese trader, with cargoes to find home in China. LPG spot activities have been restricted to traders fulfilling contractual demand, including a few liftings concluded from Brunei, Malaysia and South China. Demand from buyers remain weak.
Time Charter Fixtures
No time charters to repor
Sale and Purchase/New Buildings
Tianjin South West (TSW) have placed an order at Huangpu Wenchong Shipyard, part of the CSSC Group, for two fully pressurised 5,000 cbm’s which are due to be delivered within 2023. The price in RMB is believed to be equivalent to approx. $15.5m. This is the second time that TSW have ordered small LPG vessels at this Yard.
Korea Special Shipping (KSS) have announced that they have signed for two Panamax beam 86,000 cbm's with LPG dual fuel at Hyundai Heavy Industries (HHI), which we understand will be built at their Ulsan facility. KSS were originally holding a LOI for two 91k cbm basis delivery 1H 2023, but switched the size to 86k PMX. The vessels have been contracted against a 5 year time-charter to BGN.
Evalend Shipping are understood to have declared an optional 91,000 cbm with LPG dual fuel at Hyundai Samho H.I., bringing their series to 4 vessels. Delivery is expected in 2H 2023 and, like the previous vessels, is believed to have been ordered speculatively.
No news to repor
No news to report
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