The war in Ukraine and the lack of supply trigger the spot freight rates of methane tankers

Winter has not yet arrived in the northern hemisphere, but methane tanker freight rates in the spot market are reaching record values ​​in daily dollars ($/day). According to the investment bank Clarksons Securities, they reached $313,000/day for methane tankers with dual two-stroke engines (MEGI or XDF) and $276,700/day for four-stroke engines on October 3.

One of the fundamental causes of this escalation is the complicated geopolitical situation due to the Russian invasion of Ukraine, which has caused the cut off of Russian gas supply by pipeline to Germany, in retaliation for the sanctions of the European Union, and the sabotage of the Baltic gas pipelines.

But it also happens that the number of methane tankers available for spot operations is exceptionally limited. Most of the world fleet for the maritime transport of liquefied natural gas (LNG) operates with long-term charter contracts. In the past, in a situation like the current one, part of these vessels could have been chartered on the spot market to take advantage of the rise in freight rates. However, the current profits from cargo trading operations due to skyrocketing gas prices mean that charterers are not interested in looking for other options for their ships.

Given this situation, some analysts anticipate that spot freight rates could reach one million dollars per day during the fourth quarter of this year.

The market situation is such that, according to Frode Morkedal, an analyst at Clarksons Securities, “from the beginning of October to the end of November, the LNG cargo markets have a strong contango structure (when the future price of a commodity is greater than today) reaching 10 dollars per million BTU”. As a consequence, interest in floating LNG storage is also increasing, with a large number of loaded LNG carriers waiting off the coast of southern Europe, thus further limiting the availability of carriers.

https://www.anave.es/prensa/ultimas-noticias/3101-la-guerra-de-ucrania-y-la-falta-de-buques-dispara-los-fletes-spot-de-buques-metaneros

 

 

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Bound4blue completes installation of three suction sails on board 50,000 tpm tanker
27 February, 2025

Bound4blue completes installation of three suction sails on board 50,000 tpm tanker

Spanish company bound4blue, which specialises in auxiliary wind propulsion systems, has successfully completed the installation of three eSAIL suction sails on board a product tanker, the Pacific Sentinel, owned by Singapore-based Eastern Pacific Shipping (EPS).

The installation of the three 22 m high sails was carried out at the Besiktas shipyard in Turkey, taking advantage of a scheduled shutdown of the vessel. The assembly of the systems was completed in less than three days, as planned.

The eSAIL auxiliary wind propulsion system developed by bound4blue is based on the use of a thick sail with an intelligent suction system. These sails are easy to install, operate and maintain, have very few moving parts and are suitable for almost all types of vessels. The company expects fuel savings of approximately 10%, depending on the route.

The installation of the systems on the Pacific Sentinel, a 50,000 dwt product tanker, presented a number of unique challenges, including the vessel´s strut and the existence of ATEX zones (where equipment installed on board must comply with explosion-proof regulations). It was carried out in collaboration with the American Bureau of Shipping (ABS), meeting classification and safety standards. ABS played a key role in granting the ‘wind-assisted’ notation, fundamental for the structural integration of eSAILs with the ship and their alignment with regulatory frameworks such as the ETS Directive, the FuelEU Maritime Regulation or the IMO´s IIC.

 

News and image obtained: ‘Asociación de Navieros Españoles’.

https://anave.es/bound4blue-completa-la-instalacion-de-tres-velas-de-succion-a-bordo-de-un-petrolero-mr/

 

 

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