China's Oriental Energy has chartered yet another VLGC from Qatar Shipping, which now has three of its four vessels locked into period deals.
But the charterer is now paying a fraction of what it agreed to pay three years ago.
Oriental Energy has agreed to pay $570,000 to $580,000 per month to take the 82,000-cbm Al Wukir (built 2008) for a year. Over the past three years, ExxonMobil has been paying $1.35m per month for the ship.
Neither company could be reached for comment on reports of the deal.
Qatar Shipping, along with its partners, owns four VLGCs that were delivered from Hyundai Heavy Industries in 2008 and 2009. They were reportedly ordered for $92m each.
The company has been operating as a tonnage provider. In June, it fixed the 82,000-cbm Bu Sidra and Umm Laqhab (both built 2008) for a year to Oriental Energy at $500,000 per month.
A similar deal appears to have been concluded for the 85,000-cbm Gas Aquarius (built 2018), which is controlled by China’s CSSC Shipping. Itochu has fixed it for a year.
Also in the VLGC segment, Oman Shipping has fixed out its 83,000-cbm Musanah (built 2009) to Japan’s Gyxis for two or three years. The rate has not been confirmed, but is likely to be higher than for the Al Wukir as it is a longer deal.
Even older VLGCs are finding period charters. Vietnam’s TPL Shipping has contracted its 78,000-cbm Everrich 10 (built 1995) for a year to an undisclosed charterer. The rate is also undisclosed.
