The demand measured in tonne-miles has increased by 12–13% year on year in the first eight months of 2018 and by 8.2% in the global trade in LNG.
The new derivatives contracts, which will be listed and cleared through ICE Futures Europe, are based on the freight costs of VLCC shipments from USGC to China and of Aframax shipments from USGC to Europe (United Kingdom or the continent).
Three family-run Japanese shipowners have acquired three VLGCs from Dorian LPG in sale-and-bareboat-charter deals.
The multi-million euro project is to be carried out with Belgian operator SEA-Tank Terminal Antwerp, part of the SEA-Invest port terminals group.
The refund guarantees enable the struggling mid-tier South Korean shipbuilder to start work on the vessels, which were contracted by Greek owner Oceangold in June.
The tanker group said on 11 September that the 114,000 dwt vessels will be financed by VEB-Leasing, a unit of VEB, the state-owned development bank. Vessel prices were not disclosed.
The German company signed the agreement with German LNG Terminal GmbH, the joint venture developing the terminal in Brunsbüttel in Northern Germany.
The Geneva-based US commodity trader contracted the units for delivery in 2020, brokers say.
Running from this year to 2040, the contract is on a delivered ex-ship basis and the cargoes will be shipped with Qatargas’ fleet.
Fairplay asked a number of experts whether a synchronised recovery in dry bulk, containers, crude oil, and product tankers could act as a powerful inducement to order excess tonnage that could strengthen the inevitable weak cycle later on.