In 2024, the freight rates for LNG carriers will range lower compared to last year, while the prices for new vessels have increased compared to last year.
Despite the fact that the highest level of charters was recorded in July, they have fallen by 19.4% compared to last year, while at the same time the average shipbuilding cost is 1.5 million dollars higher.
Last month LNG freight rates averaged 74,500 dollars a day, up 18.2% compared to June.
However, fares are lower by 19.4% compared to the corresponding period of 2023.
The one-year time charter (TC) rate for 175,000 CBM vessels remained almost unchanged from June at 3,500 dollars per day but reflected a 40% decline compared to the same period in 2023.
As Yannis Parganas, director of analysis at Intermodal pointed out, the market, despite the support from the disruptions in the Red Sea, which increased tonne-miles, remained relatively subdued due to the new ships that were recently delivered.
Regarding the Red Sea, according to the latest data from AXS Marine, the passage of LNG and LPG carriers through the Suez Canal, before the attacks of the Houthis on commercial ships, ranged from 30 to 40 on a weekly basis, while in 2024 they do not exceed 10.
According to Intermodal, freight rates are expected to increase in the future, although not to the levels of previous years, due to US exports and possible lower LNG prices in the spot market, which could stimulate demand from Asian countries, especially India and China.
New orders
During July, a new order was recorded for four new 174,000 CBM units (with an option for an additional vessel) from the Adnoc Group at the Samsung HI yard. The ships will be delivered in 2028.
In contrast to declining freight rates, costs for new vessel orders at 174,000 CBM are higher than last year.
