Shipping

mai2003
13.06.2019 kl 18:57 10628

A handful of deals were concluded this week for 1st decade July loading in the Middle-East, and the momentum on freight continues. Last deal was reported at $70 pmt (Baltic), and freight is expected to strengthen further as most ships for 1st decade July has already been booked out, while we are still waiting for Aramco July acceptances. Aramco is also being reported selling an FOB cargo in June this week, indicating higher inventory levels, so one could expect more early July nominations once acceptances are out. This could certainly put players without shipping length in a sticky situation.
Shipping availability in the west of Suez VLGC market has tightened further and we are faced with basically a handful of vessels until the start of third decade July. The east of Suez market is trading at par with the West and the tight vessel availability should in theory entail a further jump in freight rates from the current Baltic equivalent of USD 110 per ton on Houston/Chiba basis and by the looks of it, we will see fixtures being done north of this level, simply due to tight vessel avails.

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