LNG

It has been a quiet week in the LNG market, with activity levels subdued and rates broadly trading sideways. While some routes saw marginal gains, overall sentiment remained stable, with limited fresh drivers in the spot market.

On the BLNG1 Australia–Japan route, rates for 174k cbm vessels eased $400 to $33,000/day, while 160k cbm earnings were unchanged at $22,200/day, reflecting muted Pacific activity and ample tonnage availability.

The BLNG2 US Gulf–Continent route firmed, with 174k cbm rates rising $600 to $35,300/day and 160k cbm vessels up $200 to $22,000/day. The BLNG3 US Gulf–Japan route posted modest gains for larger ships, with 174k cbm vessels increasing $200 to $42,600/day. However, 160k cbm tonnage slipped $200 to $25,900/day as longer-haul demand remained patchy.

Timecharter levels softened slightly. The six-month TC rate fell $1,000 to $46,250/day, while the one-year rate eased $275 to $45,975, and the three-year term was down $50 to $56,950, signalling a steady but unhurried market backdrop.

 

LPG

The LPG market saw strong gains this week, with sentiment boosted by mounting congestion in the Neo Panama Canal. The potential for prolonged delays is raising the likelihood that a significant share of vessels ballasting to the US will divert via the Cape of Good Hope, which would increase tonne-miles and tighten tonnage lists further.

On the BLPG1 Ras Tanura–Chiba route, rates climbed $3.75 to $88.58 per metric tonne. TCE earnings rose $4,707 to $76,115/day, supported by steady Middle East demand and firmer sentiment across the market.

The BLPG2 Houston–Flushing route increased $5.75 to $83.13, with TCE returns jumping $9,753 to $94,445/day. Tightening Atlantic supply conditions, partly driven by the Panama Canal delays, provided a firm upward push.

The BLPG3 Houston–Chiba route recorded the sharpest move, gaining $10.00 to $149.83 per metric tonne. TCE earnings increased $8,512 to $74,814/day. Driven again by firmer sentiment in the Atlantic.