LNG Bunker Snapshot: Singapore price falls on weaker premiums | Infinity Dynamics

Rotterdam’s LNG bunker price declines on softer European gas benchmark, while Singapore’s price drops mainly due to a sharp fall in LNG bunker premiums.

Weekly changes in LNG bunker prices:

Rotterdam down by $95/mt to $1,022/mt

Singapore down by $126/mt to $1,280/mt

Rotterdam

Rotterdam’s LNG bunker price has fallen by $95/mt, primarily driven by an almost 10% drop in the front-month Dutch TTF Natural Gas contract, a key benchmark for European gas prices.

The decline in TTF prices has been driven by multiple factors, including “an increase in underground gas storage, expectations of rising temperatures and a recovery in wind power generation, and hopes for easing tensions in the Middle East,” according to the Japan Organization for Metals and Energy Security (JOGMEC).

“Donald Trump does, despite his continuous threats against Iran, appear to be very interested in striking a fast deal with the Iranians to have the Strait of Hormuz re-opened,” added Mind Energy.

“European [gas] prices fell sharply… amid favourable weather forecasts and hopes of de-escalation in the Iran conflict. Strong wind generation could weigh on gas demand for power, while weaker industrial demand and a lighter maintenance season in Norway add to the bearish tone,” two analysts from ING Bank noted.

EU underground gas storage stood at 28% on 3 April, slightly down from 28.2% a week earlier and 18.8% lower year-on-year, according to data from Gas Infrastructure Europe.

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Gulf ceasefire ‘fundamental’ to global shipping: FM spokeswoman | Rig Jobs

A ceasefire, as well as peace and stability, in the Gulf region are the fundamental prerequisites for keeping the international shipping route safe and unimpeded, a spokeswoman for China’s Foreign Ministry has said.

Mao Ning made the remarks after United States President Donald Trump called on countries affected by rising fuel prices caused by the US-Israeli war on Iran to seize the Strait of Hormuz.

Trump also said that the US is going to hit Iran “extremely hard over the next two to three weeks”.

However, at a daily news conference in Beijing on Thursday, Mao said that the root cause for disruption to passage through the Strait of Hormuz lies in the illegal US-Israeli military operations against Iran.

Mao urged parties to the conflict to immediately stop military operations and start peace talks as soon as possible to resolve issues through dialogue and negotiation.

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War speeds orders as Korea shipbuilders secure steady contracts | Rig Jobs

As it approaches a month since war broke out between the United States and Israel and Iran, the order books of Korea’s shipbuilders show no signs of being hit. Some even said contracts are being concluded faster than before, unlike in the past when shipowners tended to delay newbuild orders as uncertainty grew.

According to the shipbuilding industry on the 26th, global shipowners have recently been wrapping up construction contract talks with Korean shipbuilders at a faster pace than before and continuing to place orders. According to Clarksons Research and the shipbuilding industry, major domestic shipbuilders (HD Hyundai Heavy Industries, Hanwha Ocean, Samsung Heavy Industries, HD Hyundai Samho) won orders for a total of 19 vessels over the 25 days from the 28th of last month, when the United States and Israel first struck Iran, through the present. That is nearly five times the four vessels in February, right before the war. The figures are close to or have surpassed March last year (20 vessels) and March 2024 (16 vessels).

A shipbuilding industry official said, “Uncertainty has grown due to the war in the Middle East, but there have been no cases where newbuild contract talks were postponed or orders were delayed,” adding, “According to working-level staff, it was common for the other side to drag out deals under the pretext of negotiations, but recently, the mood is rather to hurry and wrap up contracts.

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Chaucer and Ceto launch Lloyd’s marine MGA, integrating real-time vessel data into underwriting

Chaucer Group (“Chaucer”), the global specialty (re)insurance group, and Ceto AI (“Ceto”), the technology company modernising maritime risk, announce the launch of a new marine Managing General Agent (MGA), operating as a Lloyd’s coverholder.

Under the arrangement, Ceto is authorised to bind marine hull risks on behalf of Chaucer’s Lloyd’s syndicate, with additional capacity provided by Tokio Marine Kiln (“TMK”), a leading insurer and member of the Tokio Marine Group. Ceto uses high-frequency vessel machinery and performance data to inform underwriting decisions.

The launch marks a significant development in the application of real-time operational data within the Lloyd’s marine market, introducing a data-led underwriting model designed to enhance risk selection and accurately reflect the condition and performance of insured vessels.

With the global fleet now averaging more than 22 years of service, vessel age and other uniform parameters in isolation are an increasingly blunt indicator of risk. The MGA’s underwriting method aligns insurance capacity more closely with demonstrated performance and maintenance standards, supporting a more forward-looking, differentiated approach to risk assessment.

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Middle East Conflict: Straits of Hormuz Transits Remain 95% Down

Clarksons Research, the data and analytics arm of the Clarksons Group have been closely monitoring shipping activity and markets impacted by the conflict.

Summarising their latest update issued today at 12.00 am 23rd March, Steve Gordon, Global Head of Clarksons Research commented :

Strait of Hormuz transits still remain 95% down on pre-conflict levels (avg. 4 transits per day past week vs ~125 pre-conflict) with 75% of transits have been exiting the Gulf in the past week

~10 oil tankers (12m bbl) estimated to have transited through the Strait over the past 7 days (versus 250 vessels of 300m bbl in a normal week)

‘Trickle’ of very large LPG carrier transits continues, with 2 recorded yesterday and 2 Indian-linked vessels passing through the Strait today (~80% below normal over the past week)

Crude exports from Yanbu are now running at ~4m bpd (up from 1m bpd, potentially increasing to 5m bpd, and with ~40 VLCCs waiting/enroute), while arbitrage dynamics supporting long-haul US oil and gas exports

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VLCC Tanker Market Facing New Questions Regarding Direction | Rig Jobs

 LR2

MEG LR2 freight eastward climbed modestly this week. The TC1 75kt MEG/Japan index went from WS353 to WS376.

By comparison, a voyage west saw the TC20 90kt MEG/UK-Continent index came down to $7.29 million (-$143,000).

The TC15 80kt Mediterranean/East index dropped by $170,000 to $8.23 million this week with the corresponding TCE dropping to $61,300/day on Baltic description round trip.

LR1

The TC5 55kt MEG/Japan index has been assessed up by 25 points to W388.

A run west on TC8 65kt MEG/UK-Continent ended the week with the index $109,000 lower to $5.61 million.

On the UK-Continent, LR1 freight rose another 11 points this week to WS296 for the TC16 60kt ARA/West Africa index. This took the Baltic TCE for the route to $57,900/day round trip.

MR

The TC17 35kt MEG/East Africa index added 189 points to WS591 this week.

On the UK-Continent, MRs came back up this week. The TC2 37kt ARA/US-Atlantic Coast index was assessed 11 points higher than last week at WS230 with the Baltic TCE for the round trip at $19,700/day.

In the US Gulf, MR freight resurged this week. The TC14 38kt US Gulf/UK-Continent run is currently assessed at WS413 after beginning the week at WS395. The Baltic round trip TCE for the run is now at $58,200/day. The Caribbean voyage on TC21, 38kt US-Gulf/Caribbean is presently assessed at $2.03 million, the corresponding TCE is now at $93,200/day on Baltic description round trip.

The MR Atlantic Triangulation Basket TCE went from $69,100/day to $673,400/day.

Handymax

In the Mediterranean, Handymax’s on TC6, 30kt Cross-Mediterranean index climbed 32 points to WS357 this week.

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There’s no hiding place on a ship’: The sailors stranded near Iran

Drones, cruise missiles and fighter jets have become a common sight for many sailors stranded on oil tankers and freight ships in the Gulf, after Iran threatened to open fire on any vessels trying to cross the Strait of Hormuz, in response to US-Israeli attacks.

In recent days there has been a growing number of reported attacks on ships in the Gulf region, as Iran responded to attacks by the US and Israel by threatening to open fire on any vessels trying to cross the Strait of Hormuz.

The Strait is a key artery for shipping, both for energy supplies and vessels carrying other goods. The sudden outbreak of war has left many ships – and their sailors stranded at sea as they watch strikes play out on land around them and overhead.

“I have seen Iranian drones and cruise missiles flying at low altitude,” says Amir, a Pakistani sailor aboard an oil tanker in the United Arab Emirates that cannot leave the area. “I also hear the sound of fighter jets, but we can’t identify which country they belong to.”

What scares him the most is the thought of an intercepted drone or missile falling on his vessel.

Hein, a sailor from Myanmar, sees skirmishes every day. “Just this morning, two fighter jets fired at each other while we were still working,” he says. “There’s no specific hiding place on the ship for this, and we just had to run inside.”

We have changed their names to Amir and Hein, along with those of the other sailors at sea and their families, to protect their safety.

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