Recent analysis by the Drewry Maritime Equity Research unveils that LNG shipping continues in choppy waters and moderation in VLGC rates play out.
At a glance
- Natural gas prices at Henry Hub cooled down to USD 2.68/MMBtu at the end of August from USD 2.77/MMBtu at the end of July due to lower demand from the power sector in view of moderate temperature.
- Propane prices increased 15% m/m to USD 232 per tonne as they remained insusceptible to the decline in oil prices and build-up of propane inventories.
- Propane stocks rose to a record high of 96.3m barrels for the week ended 28 August compared with 90.4m barrels for the week ended 31 July.
- The increased loading time at the Nederland terminal in Texas slowed down the exports that led to higher inventory build-up in the US Gulf.
- Short-term shipping rates for DFDE vessels rose ~11% m/m to USD 30,000pd in August, but they are still ~54% down on a y/y basis.
- To cope with tough market conditions, three of the top LNG shipowners namely Golar LNG, Gaslog and Dynagas have entered into a pooling agreement known as “The cool pool”.
- VLGC freight rates on the AG-Japan route dropped ~29% m/m to USD 93.2 per tonne.
- Freight rates for coaster vessels on the intra-Northwest Europe route slipped 4% to USD 41 per tonne.
- In Northwest Europe, prompt availability of smaller coasters softened rates.
Source: Drewry Maritime Equity Research
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