Orinally Released on 3 August 2017
We are currently witnessing 7 VLGC’s that are heading to FE, ex-USGC through the Cape of Good Hope instead of the Panama Canal. The number of such vessels is expected to keep increasing as a result of market contango, allowing for higher gains due to higher prices in September.
This week, another STS occurred at Balboa Anchorage. Ronald N who was supposed to discharge her cargo at Ecuador, ex-Nederland under Petredec, performed a STS with Morston instead at Balboa Anchorage. Morston is currently docked at Chorrillo, discharging her 40 Kt propane cargo.
Newbuild VLGC Pacific Hong Kong is currently loading at Umm Said as her first voyage. She’s relet to Shell until May-2024.
Exiting Suape after spending more than 3 years there as Storage Tank, Bw Liberty is now signalling for Boony Island Port, ETA 12-Aug.
Statoil’s Sansovino is currently passing Gibraltar on her way to discharge at Turkey, ex-Kaarstoe, ETA 10-Aug.
1 VLGC and 1 LGC are currently signalling for Australia, ex-USGC:
- Trafigura’s George N to arrive at Brisbane, ex-Targa, ETA 14-Aug. She is expected to replace Bw Njord who’s been acting as Floating Storage at Brisbane Anchorage since 2 months ago.
- Geogas’ Pointis to discharge at Botany, ex-Freeport, ETA 16-Aug.
As mentioned earlier, we are witnessing a decline in the number of VLGC’s delivering their cargoes to the FE via Panama Canal. Kpler data has recorded only 12 VLGC’s passing through the Panama Canal to reach their destination in the FE which is the lowest since Nov-2016. With prices expected to be higher in September, the rise in the number of VLGC’s to deliver via COGH is expected to become higher, affecting even more the number of transits via Panama Canal.