Shipping by S&P Global Commodity Insights
"๐ง๐๐บ๐ฏ๐น๐ถ๐ป๐ด ๐ฉ๐๐๐ ๐ณ๐ฟ๐ฒ๐ถ๐ด๐ต๐ ๐ฟ๐ฎ๐๐ฒ๐ ๐ณ๐ฎ๐ฐ๐ฒ ๐ถ๐ป๐ฐ๐ฟ๐ฒ๐ฎ๐๐ถ๐ป๐ด ๐ถ๐ป๐ฒ๐ณ๐ณ๐ถ๐ฐ๐ถ๐ฒ๐ป๐ฐ๐ ๐ฎ๐ ๐๐ฎ๐ฝ๐ฒ ๐ผ๐ณ ๐๐ผ๐ผ๐ฑ ๐๐ผ๐ฝ๐ฒ ๐ฏ๐ฒ๐ฐ๐ผ๐บ๐ฒ๐ ๐บ๐ฎ๐ท๐ผ๐ฟ ๐๐ฃ๐ ๐๐ฟ๐ฎ๐ฑ๐ฒ ๐ฟ๐ผ๐๐๐ฒ
Decoupling in propane prices between the US and Far East Asia significantly narrowed US-Asia arbitrage economics. The global #VLGC freight rates have had to adjust to keep the arbitrage open, losing about 40% in value so far this month in major VLGC rates both in the East and West of Suez. The question is, have we seen the bottom yet? Maybe not, but possibly soon as more VLGCs join to traveling longer-than-usual distances.
Reduction in Panama Canal daily booking slots and the geopolitical tension in the Red Sea have cut LPG carriersโ traffic through the two popular waterways, creating an extremely rare event: the daily VLGC transit count โ both for laden and ballast โ via the Cape of Good Hope has exceed so far this month that of the Panama Canal and the Suez Canal."
