Average VLGC rates have slumped by 16.1% over the past week as sentiment favoured charterers in both the Pacific and Atlantic markets, which each saw only one fixture.

Shipbroker Fearnleys assessed average rates on Wednesday at $1.2m per month, which was a $250,000 fall from the prior week.

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The Baltic Exchange’s spot assessments for VLGCs also pulled back to the equivalent of $49,700 per day, which represents a one-week dip of 11% and a 17% slump since rates peaked at $59,900 per day in early October.

In the East, Fearnleys said there was just one charter so far in the week.

“The market remains largely in wait mode pending Saudi acceptances which are expected to come out today [Wednesday],” it said.

“Sentiment is trending downwards as the position list before 10 November appears well supplied — including a good number of trader relets.”

Baltic Exchange panellists put rates on the Middle East to Japan route at $39,900 per day on Wednesday, a slump from just under $51,500 per day a week earlier.

But Fearnleys said that sentiment could change if a wave of new cargoes enters the market.

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In the US Gulf Coast market, Baltic Exchange data showed spot earnings at $62,400 per day for the route to Europe, down from $65,500 per day a week earlier.

Fearnleys said there has been only one spot fixture this week for the last available open position.

It said there have been 10 fixtures for the first 10-day window in November and a further eight for the second period, known as a decade, as six to seven more vessels become available.

The month’s third 10-day chartering window remains an open book, but charterers could bide their time.

“Charterers are not in a hurry to move for this window yet as rate sentiment [keeps] coming off,” the broker said.

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