Charterers are swooping on modern LNG carrier tonnage to fix vessels for multi-year periods as they try to lock in coverage and take control of shipping for the longer term.
Brokers reported that Maria Angelicoussis-controlled Maran Gas Maritime has fixed three vessels on seven-year deals.
The Greek owner is said to have tied up its 174,000-cbm newbuilding Maran Gas Ithaca, which is due for delivery in mid-2022 to German trader Uniper. Uniper is also understood to have taken a second newbuilding, the 174,000-cbm Maran Gas Amorgos.
A spokesman for the trader said the company could not comment on the double fixture.
Charter rates on the Maran Gas vessels are being quoted in reports at levels in the low $70,000-per-day range.
The ships are scheduled to be delivered to their charterer from the yard.
Shipbroker Braemar ACM is understood to have brokered both deals.
A third Maran Gas vessel — thought to be a recently delivered LNG newbuilding — is reported fixed to Italy's Eni in a deal that mirrors the Uniper fixtures.
JP Morgan deal
Separately, brokers said energy major Chevron has snapped up an LNG newbuilding that was purchased by JP Morgan's interests from Japanese owner Nisshin Shipping in a rare resale deal in May.
The 174,000-cbm vessel, which is on order as Hull No 2319 at Samsung Heavy Industries, is reported to have been fixed for a three to five-year period.
Brokers said that while the main interest continues to be on modern tonnage gas-injection vessels.
But other steam turbine and diesel-electric ships are also being taken up.
New Fortress Energy is understood to have fixed a steam turbine vessel controlled by South Korea's Sinokor Merchant Marine.
The 138,283-cbm Merchant (built 2003) is reported to have been fixed for 12 months at somewhere around $50,000 per day.
The 160,000-cbm Golar Ice (built 2015) is also said to have been chartered out for a similar period. But the charterer's details have yet to emerge.
Trader Gunvor is said to have taken the 157,611-cbm, diesel-electric vessel Seri Balqis (built 2009) for two years from early 2022 on a floating rate.
'Weird' market
Brokers described the LNG charter market as “weird”, referring to spot fixing as “stagnant” while, in contrast, long-term fixtures are “flying”.
One said liquidity for modern open vessels is basically “zero”, with charterers keen on locking in ships for as long as possible. He said many of the ships fixed earlier this year have optional periods on their charters, making it difficult to see when tonnage might open up.
Brokers said charterers are spooked by the lack of vessels and are viewing this in combination with the tight berth situation and rising newbuilding prices at yards.
If they have cargoes and cannot rely on the spot market, then they are moving to lock in tonnage, one broker said.
This, in turn, is leading to a market dominated almost entirely by charterers' relets, which is squeezing independent owners out of the picture.
