Gas report - Week 5
The BLNG1g route Australia to Japan fell by $7,729 per day this week to publish at $66,605. Slightly lower daily losses were seen in the Atlantic where BLNG2g eased $3,295 to $52,413 and BLNG3g fell by $6,482 to $64,932. After the recent bigger drop-in rates the market seems to be stabilising on the back of less availability, although sentiment does remains weak.
The LPG market, has continued its new year recovery and has regained the losses incurred since the start of January. On BLPG1 rates increased from $78.00mt to finish this week at $92.00/mt, up $14.0 (TCE equivalent of $72,394 per day). Sentiment is continuing to improve as tighter tonnage pushes rates higher. However, the prospect of vessels ballasting into the area is looking likely raising the question of how long can the recovery continue?
BLPG2 followed the movements on BLPG1 moving up from $78.00/mt to finish the week at $82.80/mt (TCE equivalent of $88,304 per day) up $4.80 /mt. The West market has seen more moderate increases with BLPG3 increasing from $137.714/mt to $143.714/mt (TCE equivalent $68,906 per day) and increase of $6.00/mt.