LNG Shipping Market Gaining Ground

The LNG market strengthened this week, with increased fixing activity helping to reduce some of the available tonnage in both basins. The Atlantic market firmed following a number of fixtures and a slight drawdown in the position list, although further cargo requirements will be needed to maintain the momentum.

On the BLNG1 Australia–Japan route, rates increased by $6,500 week-on-week to settle at $44,800/day. The Pacific market strengthened as prompt vessel availability reduced, although overall supply and demand remain relatively balanced.

The BLNG2 US Gulf–Continent route increased by $500 to close at $29,800/day. Recent fixing activity provided some support to rates, although sufficient vessel availability continued to limit further upside. Similarly, the BLNG3 US Gulf–Japan route gained $3,300 week-on-week to settle at $63,800/day.

In the time charter market, rates firmed across all periods. The six-month rate increased by $1,800 to $42,500/day, while the one-year term rose by $2,067 to $53,867/day. Further out the curve, the three-year period edged higher by $100 to $70,600/day.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →