Spot voyage prices continue their fall this week, with all three routes seeing similar falls of around 16-24%. The biggest loser was BLNG2g, shaving $57,551 off from the December 2 publication to close at $173,296 for USG-Japan RV. Freeports liquidity injection is still having an impact, so tonnage availability and lower spot enquiry is facing downward pressure. Most players have taken cover on period over the course of the year. As a result, they are primarily covered with any program or opportune requirement easily covered with own tonnage. Sentiment suggests that all three routes shall remain, at the very best, subdued for the remainder of the year. The Christmas boom expected when the market was over $500k per day a little under a month ago does seem to have bust. LNG remains the forefront on the global outlook and market participants are outwardly optimistic. Huge interest in period, new build, and floating storage has created quite a tumultuous year. Period is currently working around levels for a 174k two-stroke vsl with 0.085% boil off at: $208,750 for 12 months and $170,000 for three years.


The BLPG1 route has been quieter this week. With most fixtures now covered out until January, there has been a lull in activity after the recent spate of market highs. The route has remained relatively flat, falling just over $1.5 over the week to finish at $140.571. Owners are not complaining - even with a small drop. But while TCE earnings remain high, any early or spot ships could have to swallow some waiting or ballast West to get employment for 2022.

The West similarly has been flatter. Rates have been pumped quite high with BLPG3, Houston-Chiba round trip peaking at just shy of $207 before falling to close at $203. With Panama Canal delays getting better - and a softening crude price - there is a slightly bearish mood to rates. Charterers having covered out to mid-end January could have spelt the downfall. However, owners are optimistic as at these levels a longer voyage via the Suez/Cape could lock themselves in for good earnings while the fixing windows remain further out.