A vessel controlled by Japanese shipowner NYK Line is being linked to a midterm time-charter requirement circulated by Gail (India).
Brokers said Gail has fixed NYK's 174,000-cbm newbuilding Grace Emilia, which is due for delivery this month, for a period of five years at a rate in the low-to-mid-$70,000-per-day range.
Several indicated that they considered this a weak rate for this length of business. One said the shipowner had left about $15,000 per day on the table, suggesting levels in the high $80,000 per day would have been achievable for a fixture of this length.
On Monday, Flex LNG revealed it had secured direct continuation business with an energy major for two of its vessels — the 173,400-cbm Flex Courageous (built 2019) and Flex Resolute (built 2020).
The John Fredriksen-controlled shipowner did not name the charterer or give any details on the rates secured. Chevron has previously been named as a charterer of one of the vessels.
Roaring rates
The market for LNG carriers is exceptionally tight.
Independent shipowners have been virtually cleaned out of tonnage after charterers started fixing early this year on one-year to two-year deals in a bid to avoid the crush for vessels experienced last winter.
With few fixtures being inked in a fast-rising rate environment, market players are struggling to benchmark time-charter levels.
On Friday, Affinity LNG quoted one-year time-charter rates for modern two-stroke LNG carriers at just over $116,000 per day, with three-year deals at daily levels of $92,500.
Fearnley LNG put one-year rates at $125,000 per day.
Spot rates are also soaring with Flex being associated with a fixture concluded in the high-$200,000-per-day range and at a time charter equivalent rate of more than $300,000 per day on its 174,000-cbm newbuilding Flex Volunteer.
Brokers have said this winter will be one of relets, where the traders and portfolio players are the ones sitting on the tonnage and deciding if they have sufficient cover to offer ships on the market.
But they comment that the relet vessels are only being offered out for short periods as their charterers want to maintain their shipping cover.
