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Markets > Market Reports > Gas > The depressed product market continues to hamper freight... Archive:
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The depressed product market continues to hamper freight...

21 January 2013

The depressed product market continues to hamper freight, and now that Saudi Aramco has issued February nomination acceptances with significant delays it throws yet more uncertainty on an already unclear situation.

There were a modest number of available cargoes this week, mostly for loading in the Middle East. Whilst most owners have been looking to hold rates flat, many requirements continue to be covered ‘off market’ and so the actual rates are not known. Meanwhile, significant on-going delays in India and other Asian ports are helping to keep vessels away from loading areas, which has been a benefit, especially while the market remains slack.

West of Suez, requirements are being worked further out with the prompter vessels, of which there are a few more than usual, risking idle time. Nevertheless, there is still a much more positive tone in the West and the market looks altogether more balanced than in the East. There is some uncertainty on loading dates in Houston as new export capacity nears readiness but increased export levels are eagerly anticipated by owners.

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