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According to a report from Singapore on May 20, 2021 by Natural Gas News, trade and shipping sources said that although the supply situation in the Middle East is good to meet the demand in the region, due to the weakening of Asian prices and the very large natural gas carrier (VLGC) ) Firm rates have led to the closure of arbitrage transactions, and about seven ships of liquefied petroleum gas (LPG) cargo exported from the United States to the Eastern market in June were cancelled.
"Netbacks US/East has been closed, so it is difficult for many parties to finalize shipments at this level," said a shipping source.
The shipping source said: "This is a somewhat strange market because shipping rates outside the U.
Trade sources said that it is estimated that the US will ship 2.
Data show that the VLGC rate of the Houston-Japan route rose to US$95/ton on May 19, the highest level since it hit US$107/ton on January 26.
Another source said that the arbitrage in June was about US$113-110 per ton.
Li Jun compiled from natural gas news
The original text is as follows:
US LPG cancellations could reach 7-10 cargoes in June as Asia arbitrage shuts
About seven Eastbound LPG cargoes due to load in June from the US are canceled as the arbitrage is shut due to softening Asian prices and firm Very Large Gas Carrier rates, even as healthy Middle East supplies satisfy demand in this region, trade and shipping sources said .
"Netbacks US/East have been closed, hence it's tough for many parties to conclude shipping at these levels," a shipping source said.
"It's a bit strange market, as freight has been going up ex-US in June at the same time as netbacks are not in favor.
June-loading US cargoes due to arrive in Asia in July are estimated at 2.
VLGC rates on the Houston-Japan route rose to $95/mt May 19, the highest since hitting $107/mt Jan.
Another source said the arbitrage for June is about $113-$110/mt and with current Houston-Japan freight in the mid-$90s/mt, it did not leave much for terminal fees.
