Annual LPG Market Review and Forecast 2004/05

Wednesday, August 04, 2004
Drewry Shipping Consultants released its latest report, “Annual LPG Market Review and Forecast 2004/05”. Drewry’s main findings make extremely positive reading for ship owners as they are finally experiencing a period of stability and growth.

Having experienced dramatic booms and busts since the turn of the century, Drewry’s report highlights how the various market segments are now performing.

The new annual review and forecast specifically identifies that small LPG carriers have enjoyed a very good start to 2004 with spot rates for LPG cargoes in Europe rising to their highest level since 1995. Drewry’s report forecasts that prospects for this sector now look better than they have done for many years.

“Our latest report on the LPG market follows a period of market decline and uncertainty at the turn of the century. It’s fantastic for ship owners to now see that 2004 is a year of stable recovery and sustained growth,” said Andrew Buckland at Drewry Shipping Consultants. “Following the first ever decline in fleet capacity in 2002, the LPG fleet grew strongly in 2003 with capacity expanding by 3.4%. In this report, we draw attention to the possibility that 2004 will see another fall in capacity if scrapping levels remain high.” The report evaluates all the key components in the LPG mix, including such areas as:

- LPG trade patterns around the world

- Carrier fleet development by sector

- Comprehensive analysis of gas carrier neworders and demolition sales

- Evaluation of LPG vessel values

- Trends in consumption and production of LPG, ammonia and petrochemical gases

Neworders are experiencing similar market solidity whereas freight rates are now only just realising their true market value. A raft of neworders in the final quarter meant that, according to Drewry, in terms of capacity ordered 2003 saw the second highest level of neworders in the last decade. Freight rates, on the other hand, improved in 2003 from the dismal level in 2002 but Drewry expects owners to view the year as disappointing when they look to the vastly improved earnings in other areas of shipping. So far, however, 2204 looks far more promising for owners with Vlgcs above a respectable $30/mt AG-Japan and small LPG carriers enjoying their best rates since 1995.

Drewry’s latest expert overview of the LPG market is essential reading for producers, shipping participants, investors and observers and those requiring an informed, unbiased insight into the market forces at work.

“Annual LPG Market Review and Forecast 2004/05” is published by Drewry Shipping Consultants Ltd. Individual copies of the report are priced, including postage to any part of the world.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

LNG

NASSCO Delivers First ECO Class Tanker for SEA-Vista

On Thursday, April 28, 2016, General Dynamics NASSCO delivered the first ship in a series of three ECO Class tankers currently under construction for SEA-Vista LLC.

Crowley to Christen 3rd LNG-ready Product Tanker

Crowley Maritime Corp. announced it will hold a christening ceremony Thursday, May 5 in New Orleans for the newly built Louisiana, the company’s third of four new Jones Act product tankers.

India Seeks Stake in Iran LNG Terminal

Indian Petroleum Minister Minister Dharmendra Pradhan says India has expressed interest in setting up an LNG terminal at Chahabar port in Iran to ship back home natural gas from Persian Gulf nation,

 
 
Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0587 sec (17 req/sec)