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October
Market Report
02-06 Chemicals

07-10 Vegoil

11-17 Gas

18-27 Fixtures

New York Singapore

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 Chemicals
Transatlantic East USG - ARA
$160.00
The Transalantic east bound trade was active and space became tight as the month $150.00
progressed. The rates went up by some 3 to 5 %. Styrene was the dominant cargo, $140.00
it was reported between ten to fifteen cargoes were fixed. Parcel sizes were any- $130.00
$120.00
where between 5,000 and 15,000 tons each. The reason for this development was
$110.00
a shortage of feedstock in Europe caused by the Ukraine war and sanctions against $100.00
Russian products. As a result it has become more economical for Europeans to $90.00
import Styrene rather than produce it in Europe. A typical 5,000 ton cargo from $80.00
$70.00
Houston to Rotterdam paid in the low 80’s pmt at the beginning of the month, which $60.00
increased to about $85 by the end of the month. 15,000 tons Styrene was fixed at $50.00
$78 pmt on the same routes. The second most traded product was MEG, 7,000 $40.00

tons from Corpus Christi to Rotterdam was done at $89 pmt. The spot fixtures were
done by the regular carriers as no tramp vessels were available. The Clean market
is also very strong. 38,000 tons from NW Europe to the US East Coast paid close 1,000mts 3,000mts 5,000mts
to Worldscale 300 and this has drawn a lot of product carriers out of chemicals and
into clean. Parcel Size Sep-22 Oct-22 % Change
1 kt $ 135.00 $ 137.00 1.50 %
A 12,000 ton Stainless vessel was fixed for 10,000 tons, several grades of chemi-
cals, from the US Gulf to the East Med at $185 pmt. 3 kt $ 92.00 $ 95.00 3.30 %
5 kt $ 82.00 $ 84.00 2.40 %

USG - FEA
Transpacific
$160.00
$150.00
The space situation from US Gulf to Asia was even tighter than was the case to $140.00
Europe. By the middle of the month, all October space had been fixed. And also $130.00
here, no tramp vessels showed interest in chemical cargoes to Asia. Freight rates $120.00
$110.00
increased by some 4 to 5%. Contract volumes were steady. MEG was the most trad- $100.00
ed cargo in this direction. A couple of 10,000 ton lots from Houston to the Yangtze $90.00
River were fixed at $95 pmt. 2,000 tons of specialty chemicals from Houston to the $80.00
$70.00
Yangtze River paid md $190’s pmt. The market conditions here are likely to continue
$60.00
as very limited space is already now available for November. If there is a year-end $50.00
rally of cargoes, which very often the case for US Gulf to Asia, the rates are likely to $40.00

increase substantially.
1,000mts 3,000mts 5,000mts

Parcel Size Sep-22 Oct-22 % Change

1 kt $ 150.00 $ 157.00 4.70 %
3 kt $ 116.00 $ 123.00 6.00 %
5 kt $ 90.00 $ 98.00 8.90 %
2
Chemicals
USG - SAM
$180.00
$170.00
South America $160.00
$150.00
$140.00
On the US Gulf to South America trade the spot activity, contract volumes and freight $130.00
rates were stable during the first part of October. Late in the month freight rates went $120.00
$110.00
up for large volume parcels, but surprisingly not for small grades. This was caused $100.00
more by lack of tonnage rather than increase in demand. As mentioned under other $90.00
trades in this report the 45,000 ton MRs have been drawn out of the chemical trade $80.00
$70.00
due to the high CPP market, these vessels are normally used for large volumes of $60.00
Caustic Soda, Ethanol, UAN etc. Two 19,000 tonners were fixed for Caustic, one for $50.00
a full cargo and one for 9,000 tons. The 9000 tons paid $98 pmt from Plaquemine
to Santos. A single 45,000 tonner was also fixed, but the rate is not known. A couple
of smaller grades of specialty chemicals were fixed by the regular carriers at rates 1,000mts 3,000mts 5,000mts
that were some $5/10 pmt less than was the case in September. Right now there
seems to be a split market between small parcels and large volumes, but this is not Parcel Size Sep-22 Oct-22 % Change
expected to last.
1 kt $ 170.00 $ 165.00 -2.90 %
3 kt $ 150.00 $ 140.00 -6.70 %
5 kt $ 117.00 $ 137.00 17.10 %

Tanker market analysts predict an increase in the earnings of oil tankers in 2023. This is due to disruptions to the normal flow of oil resulting from the war in Ukraine
and restrictions in the Russian oil trade. For instance the average earnings of an MR, which often act as swing tonnage between the oil and chemical tanker market,
will increase from $20,000 to $23,000 per day. This will affect tonnage supply and freight rates in the chemical tanker market next year.

Stolt reported even higher increases in their 3rd quarter this year, and are bullish about the future. They saw an average of 11.4% in contract renewals now and
expect even higher increases going forward. Even if the talked about session happens and even if new buildings are contracted there will be a healthy chemical
tanker market in the foreseeable future

Contract negotiations for the next year are continuing with heavy demand from all the owners for rate increases. In some cases owners are also asking for changes
in the contract terms, which for instance could result in higher demurrage costs.

Stolt Nielsen have for a long time said that it will not contract new vessels at the shipyards until the earning of the fleet improves. That time seems to have come.
But “tough decisions” concerning bunker fuel types and consumption, resulting from the new CO2 emission restrictions, is now likely to further delay decisions of
contracting and delivery of the new ships.

3
QA Singapore
NEA and Southbound
The start of October had been quiet
as China had gone off for their Golden
Week holidays. However, Owners had
been covered during this period with
cargoes secured well in advanced. So
much so that both intra-Asia and in-
tra-NE Asian owners were already tight
for second-half October by the time
the month started. Contracted Owners
have been able to secure cargoes for
their vessels with some even already
showing space for early November
space at this point in time.
Otherwise, eyes were on China and
its future as the CCP had their 20th
National Congress from 16th to 22nd
October, this month. There were some
hoping for a relaxing of the country’s
stance on Covid-19, and were hop-
ing for improved economic activity as
a result. However, the country’s lead-
ership had decided to stick to its ze-
ro-Covid policy with Xi Jinping getting
an unprecedented third term in power.
Despite the country posting a higher
than expected GDP, economic indica-
tors were bearish on other leadership
changes on the top.
With the developments in China, it
does not seem likely that we will see a
change in the shipping markets in the
region. Downstream demand will like-
ly remain subdued at least in the short
term, leading to the thinness in spot
demand into China we have been see-
ing in past months. With zero-Covid
here to stay in the foreseeable future,
Owners will remain cautious about any
spikes in Covid cases, tucking in pre-
miums for calling Chinese ports to off
set any costs in being stuck in delays.
4
Elsewhere, Southbound is looking sta-
ble as we head into November. Con-
tracted Owners are awaiting their next
cargoes to load, and it is looking that
ship space will be very tight for Novem-
ber once these cargoes are settled.
Intra-NE Asian tonnage still remains
available for mostly for mid and sec-
ond-half November loaders.
SEA and Northbound
South-East Asia had a quiet start to the
month as several traders and market
participants were off to EPCA in Berlin
to meet with European counterparts,
and offices in China were off for the
Golden Week holidays at the start of
the month. Despite this, rates were sta-
ble as most Owners had been covered
to mid-October dates.
Contractual volumes had kept the usu-
al intra-Asian Owners busy, but poor
downstream demand led to a decrease
in cargo quantities in each lifting. This
had resulted in a lot of part-space ton-
nage being marketed in the spot mar-
ket, but with few full space options
seen for October dates. Consequent-
ly, some aromatics and chems stems
from South-East Asia to China were
challenging to cover due to the size of
the cargo. A few of these spot require-
ments had been seen recirculated
in the market a few times, with some
Owners checking in if they could cover
part of the cargo quantity on the avail-
able part space they have.
With China holding firm to its ze-
ro-Covid stance in statements made
during the CCP National Congress this
month, economic sentiments remain
bearish for at least the short term. We
will continue to see lacklustre import
activity into China, impacting product
flows in the rest of the region. North-
bound contractual volumes are also
going to take a hit.
The palms movements from South-
East Asia to India had been steady
ahead of Diwali in late October. West-
bound tonnage had been tight as a
result, pulling away tonnage options
for chems and base oil requirements
heading to the Middle East and Eu-
rope. This tradelane had settled down
after the start of Diwali, with some
buyers also taking a wait-and-see ap-
proach, hoping that Indonesia would
extend their current export levy waiver
due to expire at the end of October.
QA Dubai
Middle-East, Indian Subcontinent
As we enter the last quarter of the
year, many in the shipping markets
were trying to figure out how the next
few months and 2023 would play out.
EPCA provided both Owners and Char-
terers to meet face to face and have a
personal feel on the pulse of the mar-
kets. Among Owners, there seems to
be a common feeling that freight mar-
kets will still favour the Owners in the
short run, especially with the economic
impacts of the Ukraine-Russia conflict
and with winter coming close amidst
a looming energy shortage. Howev-
er, sentiments are mixed as to how
soon a downward correction on freight
rates would happen. In the meantime,
Owners who ply the Middle East/West-
bound routes continue to enjoy steady
employment through COA volumes,
and spot demand continues to outstrip
the supply of suitable spot tonnage
available. Some producers have had to
push some of their requirements back
into early November.
J19 tonnage has been hard to come
by through this month, with most of the
ships in this category in the Middle East
already booked to late October or even
November at the start of this month.
Charterers looking to move metha-
nol, PX and glycols to East Asia found
themselves looking at larger tonnages
to cover their requirements, having to
be a little creative to make use of the
economies of scale the larger tonnag-
es. The market at times quieted down,
however that did not have much impact
on rates as the palms market in SEA
has been strong. Owners would blast
cargoes into SEA from AG/WCI which
keep the tonnage balanced.
CPP MR rates had fluctuated through
the month, but sentiments had been
softer overall compared to the previous
month with rates remaining flat due to
more tonnage availability. Some of the
swing MR owners have been able to
fix some of the producer chems car-
goes out of the region, but had been
left looking for other cargoes to fill up
their part space. If anything, there has
been a pickup in Westbound enquiries
towards to the end of the month, poten-
tially bringing more cargo opportunities
for these owners.
Oil prices, and consequently bunker
prices, have been unstable through the
month. The Nord Stream leaks and al-
leged sabotage in late September, the
effects of the ongoing Russia-Ukraine
conflict, overall fears of demand de-
struction via recession, and the eco-
nomic impacts of China’s zero-Covid
stance continue to pull prices in both
directions. Towards the end of the
month, however, bunker prices ap-
peared to be on a steady but gradual
decrease, easing the operating costs
for owners.
COA renewal discussions this Q4 2022
are likely to be challenging, as much
of the trading patterns have undergone
so much change this year. Of note,
Eastbound volumes have become less
attractive over the course of the year,
and thus something more would be
needed to keep existing Owners inter-
ested. The current gap between spot
and contract rates is also wide and
is likely to test relationships even be-
tween that of long-term partners.
QA Shanghai
The firm market conditions continues
through October, in particular after the
7-days’ National Holidays (Oct 1-7),
which ignited a wave of firm bookings
and before long the Owners were fully
covered for October. This was attribut-
ed primarily to restocking activities af-
ter the holiday however we understand
from some sources that better pricing
opportunities also supported the in-
creased shipping activity. At the time of
writing Owners were working spell well
into November signaling that space
could be tight through the remainder of
the year.
Freight levels were up from the Sep-
tember levels across all major domes-
tic routes. The domestic pricing of both
“0# Diesel Oil” and the “IFO 180 low
sulphur(0.5)” recorded a steady up-
trend throughout the month of October
with two grades finishing up 6.07%
and 3.04% respectively from the prior
month. Meanwhile, bad weather con-
tinued to have a serious impact on
vessels, in particular around Oct 16-19
when a cold front in the North collided
with a Typhoon in the south wreaking
havoc on shipping in Zhejiang/Fujian
areas. Many ports in Mid-China and
South China were closed as a result
of the weather which further served to
tighten space and lead to increased
demurrage for the shippers.
We anticipate that the market in Q4
will remain stable however the slowing
economy and the subdued end-users’
demand will mitigate any market-based
rally in the freight markets. After the
long holidays which saw many families
reunited for the first time since 2019,
the number of cases was back on the
rise leading to a fresh new wave of
restrictions as part of China’s ongo-
ing “zero pandemic” policies. These
restrictions will definitely continue to
dampen economic development in
China and influence the cargo flows to
the cities most impacted by the recent
surge in cases.
Although the pilot-related delays have
continued to ease, CJK waiting time
for the foreign vessels was up from the
previous months due to the port con-
gestion and the weather delays previ-
ously mentioned. For nearly all of the
main Yangtze River ports roughly 2-5
days was spent at CJK prior to transit-
ing upriver. With winter approaching
the fear is that seasonal weather will
continue to create bottlenecks in and
out of the River. Once concern for the
shippers sourcing from Mid China is
that the strong export volumes outside
of China keep owners from offering on
cargoes out of China. Those that will
call Mid China will likely command high
premiums in what is already a record
high freight market.
Ship owners continue to press for
higher freight levels across most of
the trade lanes. Despite weakening
product margins it seemed that in most
cases the deals were getting done
as Asia continues to shed length and
backfill the shortages created by the
energy crisis in Europe. We did see
some Charterers withdraw or postpone
requirements because the CIF price
would be too high and not supported
by the product pricing. It remains to be
seen if the wait-and-see approach will
work or the freight markets will contin-
ue to stay high due to the small order
book and sizeable change to the ton/
mile.
The export markets from Japan and
Korea continued to be stable basical-
ly in the month of October but as the
month drew to a close there seemed
to be some softening in sentiments.
There were not too many cargoes ex-
ported but the freight rates stayed high
as employment for tonnage throughout
Asia was easy to come by. Upon the
writing time, most of the shipowners
are working Mid Nov &onwards po-
sitions. The freight level for 2kt from
Korea/ Japan to China is commanding
UDS low-mid50s pmt.
Exports to SEA continued to stay firm.
At the time of writing most of the ship-
owners were working on Nov 2H car-
goes. There appears to be an abun-
dance of Nov 2H spaces seen open in
FEA a/o Mid China, but shipowners are
not willing to load small parcels of car-
goes in Yangtze River and are instead
electing to wait for larger single grade
cargoes.
The rates to Europe continue to sit at
historic highs. Requirements to Europe
are being worked well into to Decem-
ber as Charterers have elected for fix
far out to make certain they have cov-
erage rather than end up short freight.
The freight for a full J-19 vessel from
China USD 200+pmt to ARA. Smaller
parcels are commanding a sizable pre-
mium and in one case it was reported
that 5250 mt of Acetic Acid was fixed
from Mid China to Brazil at around USD
400 pmt. With the strong CPP market
we are seeing high rates for the coated
MRs as well. A full cargo of UCO/FAME
from China to the EU is typically paying
in excess of USD 4 mil lump sum.
For vessels looking to head from the
Far East back to the USG, Benzene
and PX continue to drive the market on
coated space while the stainless steel
vessels continue to benefit from the
high Sulfuric Acid rates into Chile. A full
cargo of 20-30,000 mt had been com-
manding in the USD 130’s with some
charterers paying up for specific dates.
There was some parcel business also
being fixed with 3kt ex Taiwan to Co-
lumbia which reportedly paid USD low
300pmt. For full MR’s back to the USG
the rates have remained high due to
the firm CPP markets with 35-40,000
mt paying around USD 100 pmt.
5
 F R E I G H T R AT E S

¥350.00
¥330.00
¥310.00
01 NORTH TO MID CHINA
¥290.00
¥270.00
¥250.00 Parcel Size Sep-22 Oct-22 % Change
¥230.00 1 kt ¥ 310.00 ¥ 315.00 1.60%
¥210.00 2 kt ¥ 260.00 ¥ 265.00 1.90%
3 kt ¥ 245.00 ¥ 250.00 2.00%
¥190.00

1,000mts 2,000mts 3,000mts

¥440.00
¥420.00
¥400.00
¥380.00
02 MID TO SOUTH CHINA
¥360.00
¥340.00
¥320.00
¥300.00 Parcel Size Sep-22 Oct-22 % Change
¥280.00
¥260.00 1 kt ¥400.00 ¥405.00 1.30%
¥240.00
¥220.00
2 kt ¥ 320.00 ¥ 325.00 1.60%
3 kt ¥ 280.00 ¥ 285.00 1.80%

1,000mts 2,000mts 3,000mts

¥480.00
¥460.00
¥440.00
¥420.00
03 NORTH TO SOUTH CHINA
¥400.00
¥380.00
¥360.00
Parcel Size Sep-22 Oct-22 % Change
¥340.00
¥320.00 1 kt ¥ 455.00 ¥ 460.00 1.10%
¥300.00 2 kt ¥ 375.00 ¥ 380.00 1.30%
3 kt ¥ 340.00 ¥ 345.00 1.50%
1,000mts 2,000mts 3,000mts

6
VEGOIL
MOLASSES
FERTILIZER
CPP - UAN - MOLASSES

TA L L O W - PA L M O I L
 VMF
The overall soybean oil export vol-
umes from Brazil and Argentina contin-
ued to remain solid overall in October
although the overall numbers were a
bit reduced in comparison to Septem-
ber. The soybean oil prices were still
considered significantly higher than
palm oil so some sales volume to In-
dia were lost to the palm oil shippers.
This actually led to more volume being
shipped towards China and Korea so
that actually has helped to maintain a
healthy amount of export activity from
both Argentina and Brazil. Septem-
ber’s overall export volume was close
to 800K and October has ended up a
little lower like 600-650K. Due to Rus-
sia’s continued plans to invade Ukraine
the exports of sunflower seed oil from
the Black Sea have continued to be
reduced and delayed as they still face
an uncertain future when Russia starts
her next wave of attacks. At least two
fixtures for this product ex Ukraine
were noted in the past month. The
lack of sunflower seed oil shipments ex
Ukraine has led to increased demand
for alternative types of vegoil in the
Mediterranean and Northern Europe
which has led to more fixtures from
Brazil and Argentina to this region.
The water levels in Argentina were
seeing some improvement in October
Vegoil Rates Aug-22
ECSA/China (40K) 80
ECSA/W.C. India (34-40K) 72
ECSA/MED (25-30K) 70
ECSA/WCSA (15-18K) 60
8
however they are still restricting load
volume on MR’s. The available vessel
draft upriver in Argentina is often only
about 28-29 feet which limits the own-
ers to loading only about 27-32,000mts
depending on the type of MR. These
ships must then top-off with some vol-
ume ex Brazil in order to get to the
more traditional 40,000mts parcel size
for destination India (or China). About
80% of the overall October export vol-
umes from Brazil and Argentina con-
tinue to move to the India-Bangladesh
range. There was at least one new
fixture of 40,000mts vegoil fixed from
Argentina and Brazil to China which is
something that has happened in con-
secutive months for the first time in quite
some while. During the past year the
Chinese customers have mainly avoid-
ed importing South American vegoils
and they have relied on the crushing
of dry beans and imports of oils from
other regions. There was also a fixture
in the 18-30,000mts range from Argen-
tina to Korea this month. The balance
of this month’s export volumes moved
mainly to the Mediterranean (Morocco,
Algeria & Egypt) and to the Caribbean
and the West Coast of South America.
The Argentina export volumes of SME
(Soy Methyl Ester or FAME: Fatty Acid
Sep-22 Oct-22 % Change
95 97 2.10 %
67 75 11.90 %
65 68 4.60 %
65 67 3.10 %
Methyl Ester also known as biodiesel)
have so far only been averaging about
75,000mts per month in 2022 which is
roughly 3 shipments per month. Back in
2021 the monthly numbers were closer
to the 180,000mts levels so it is still a
far cry from the volumes seen last year.
The shipment size of SME moving from
Argentina to the Huelva-ARA range
continues to be in the 25-30,000mts
each. There are often some addition-
al volumes moving that go unreported
since they are lifting on “oil majors”
time-chartered tonnage. Most market
experts expect an increase this fall and
winter for SME volumes moving from
Argentina to Northern Europe and the
Med due to higher fuel demand due to
issues with Russia (and her pipelines).
This is likely to take place and it’s no
doubt there will be higher fuel prices
for petroleum which in the past made
biodiesel much more competitive. The
volumes fixed in October were no more
than the 75,000mts mentioned as a
recent monthly average although the
forecast calls for more in November.
The freight rates for vegoil from South
America to most destinations saw dra-
matic increases in the first half of 2022.
However, by August of 2022 some of
the rates declined a small amount de-
pending on the destination due to a bit
of a decline in the “super high” clean
petroleum rates. The Russian attacks
on Ukraine were recently stalled as
they try to regroup and this coupled
with a world teetering on the edge of
a recession were perhaps been the
major reasons the CPP market cooled
off temporarily in August. The overall
vegoil freight levels are still at the high-
est numbers that the market has seen
since the run-up on floating storage
that developed back in April of 2020.
The continuation of the lower water
levels in the Parana River continue to
limit the vegoil parcel sizes shipped to
India to around the 28-32,000mts size
if the shipper cannot also source tons
ex Brazil to top-off. The clean petro-
leum market’s rise alone has been
enough to push up the freight rates
from Argentina and Brazil to India and
China Year on Year by as much as $17-
25pmt which is a 32-34% increase for
the first half of 2022. These levels de-
clined a small amount on some routes
in August but they have been moving
upwards in the months of September
and October.
The freight rates in September for
40,000mts vegoil from Argentina and
Brazil to WC India paid about high
$60’s pmt and in the cases where the
shipper had only 30,000mts to ship
from Argentina (with no cargo ex Brazil)
the freight was about $8-10pmt higher.
Ship owners have in general been ask-
ing for higher rates to cover the high
cost of fuel. The (LSFO) fuel price was
about $730 USD/ton in Buenos Aires
in late September and this was a $90
USD/ton reduction in only one month’s
time. In regards to the Mediterranean
in September the last done fixture was
for 22,000mts of vegoil from Argenti-
na to Casablanca (which does pay a
few dollars less than Egypt) paid about
$59 pmt. There was at least one fixture
noted this month from Argentina to the
West Coast of South America. This
was for 18,000mts and the freight rate
was reportedly at the $65 USD per ton
level. The reported freight levels on
25-30,000mts of FAME from Argentina
to ARA or Huelva fell a few dollars to
be roughly in the low $60’s pmt range.
UAN
The UAN shipping market in October
saw an increase in imports of UAN from
both Sillamae and Novorosyssk to the
U.S. East Coast and U.S. Gulf. July
and August had seen very few imports
seen into the U.S. but things started
to move again in September. With
the U.S. relieving some anti-dumping
measures on UAN imports, the im-
ports from Trinidad and Europe start-
ed to increase. There were two UAN
fixtures by Eurochem for 33,000mts
from Novorossysk in the Black Sea,
to go to the U.S. East Coast with op-
tions for discharge in the U.S. Gulf.
There was also a fixture by Agronova
from Sillamae on a vessel heading to
the U.S. East Coast. This is only the
second fixture done from Sillamae to
the U.S. in the past few months. In re-
gards to the UAN produced in Trinidad
and Northern Europe, most of those
cargoes moved towards Europe, Aus-
tralia, Guaymas (West Coast Mexico)
and Brazil-Argentina range. Pricing
uncertainty as well as the unstable
nature of things in Europe and higher
freight rates have (in recent months)
worked against large volumes moving
into the states. Yara continued to ship
UAN and Calcium Nitrate solution from
Porsgrunn and Heroya and Sluiskil to
the U.S. West Coast with at least two
shipments per month lately in the 30-
35,000mts size range.
Although Black Sea UAN exports have
been drastically reduced due the war in
Ukraine Varna was noted to have made
another shipment of 27-32,000mts
UAN which moved to Rouen. In Octo-
ber there was at least one fixture from
the U.S. Gulf to Brazil and/or Argentina
for 18,000mts of UAN. There was an-
other 24,000mts UAN fixed from Point
Lisas, Trinidad to move to Stockton,
California.
The UAN freight rates typically follow
the clean petroleum markets on the
routes to which they correspond. The
rates were not so far reported on the
few UAN fixtures accomplished how-
ever we are assessing them at the
clean petroleum type levels which is
what they must compete with. The
Black Sea still commands considerably
higher freight rates due to the war risk
there regardless of what the clean pe-
troleum market in the Atlantic and Med
is doing. There was a small increase
in the rates for northern Europe back
to the U.S. East Coast since the World
Scale numbers rose in October by
about 40 World Scale points. Based
on the current clean petroleum market
from Northern Europe to the U.S. East
Coast the assessment for 30,000mts
UAN on this route has been increased
by a dollar to the $43 USD per ton lev-
el. In regards to the Black Sea to U.S.
freight rates on a typical sized cargo
of 33,000mts UAN from Novorossysk
would be roughly about $62 USD per
ton (and could be more) based on the
difficulties of getting owners to call
there at this time.
CPP
The Atlantic basin CPP “TC2” west-
bound market (37,000mts clean pe-
troleum from Europe to the U.S.) had
strengthened from 120 to as high as
200 World Scale by the end of March.
Due to the continuation of the war in
Ukraine and the crunch on oil, gas and
feedstock supplies for many products,
the clean market in Europe strength-
ened further in April through July. In
August, these same markets dropped
about 50-70 World Scale points. How-
ever, in September and October, things
picked up again and levels rose back
to the high 200’s World Scale (with late
October holding at World Scale 275).
This produced a time-charter equiva-
lent of about $31,500USD per day on
the route from ARA to the U.S. East
Coast. The TC2 market has contin-
ued to be stronger than the eastbound
market from the USG to the UK-Cont
range.
The U.S. Gulf to Med or Continent-UK
clean petroleum rates for 38,000mts of
clean petroleum (also called the “TC14”
eastbound market) are currently the
“weak link” in the Atlantic Basin clean
petroleum market however levels did
pick up somewhat in October. These
rates have ranged from January being
only World Scale 80 to May when they
topped World Scale 275! They waiv-
ered back and forth in the earlier parts
of the summer but by mid-September
the levels returned back into the high
100’s and are closing out the month of
October close to the 178 World Scale
level. The exports from the U.S. Gulf
have slowed and since this is the
weakest market, sometimes the own-
ers prefer to look at the U.S. Gulf to
South America (East and West Coast)
as well as alternative products like eth-
anol, caustic soda, and UAN moving
towards Asia and Australia.
The Caribbean to U.S. East Coast
clean petroleum market (also called
the “Upcoast Market” or “TC3”) for
38,000mts clean petroleum rose quite
a bit after the February attacks on
Ukraine just like the other trade-lanes.
This market was actually at World
Scale 375 and 340 in May and June
however in July it fell off a substantial
amount to WS 247 by late July. Au-
UAN Freight Rates 30K
Aug-22
Baltic/USEC-USG 40
BlackSea/USEC-USG 57
gust was not much better and another
35 points were lost to finish at WS 215.
The months of September and Octo-
ber have seen these levels hovering in
the high 200’s closing out the month at
World Scale 275. The Caribbean “Up-
coast Market” provides ship-owners
with relatively “short voyages” of less
than a week sometimes, which means
turnaround is much better. There are
also not so many MR’s ending up open
in the Caribbean which tends to keep
the market strong. There have not
been all that many “clean petroleum”
cargoes in the Caribbean market lately
however the alternative products like
UAN and Methanol which ship mainly
ex Trinidad can help to keep the ves-
sels moving. Most of the methanol
requirements ex Trinidad have been
able to be carried on time-chartered
tonnage which reduced the amount
of required spot vessels. There have
been a few UAN cargoes to far off des-
tinations like Europe and Australia but
not all that many to the U.S. this month
so the producers were able to maintain
their liftings on the time-chartered ton-
nage. Cargo opportunities are relative-
ly random in nature in the Caribbean
but they mainly come from refineries
and petroleum tank terminals in Co-
lumbia and a few located in the Dutch
Antilles and other island nations such
as the Bahamas which has been active
for clean petroleum exports in the last
few months. The Limetree Bay Termi-
nal in St. Croix which is one of the larg-
est oil and gas storage facilities in the
Caribbean has been renamed Ocean
Point Terminal.
%
Sep-22 Oct-22
Change
42 43 2.40%
60 62 3.30% 9
MOLASSES
The molasses shipping market in the
Americas continued to see some re-
gional activity in October. The Gulf
Mishref fixed 14,000mts molasses
from Puerto Cortes to Houston. The K
Inset fixed about 10,000mts molasses
from Coatzacoalcos to Port Esquivel
also in October load dates. The SCOT
Hamburg also fixed 7,200mts molas-
ses from Barahona (Dominican Re-
public) to go to Baltimore.
TALLOW
The market for yellow grease (YG) and
used cooking oil (UCO) from the East
Coast U.S. to Europe was relatively
quiet this month with few quotes circu-
lating in the market yielding and devoid
of any UCO fixtures reportedly con-
cluded in the period.
The U.S. Gulf and U.S. East Coast to
Caribbean market saw some life this
month. There was one cargo rumored
to have been quoted in the market for
November dates, however at the time
of writing no such fixtures have been
reported as being concluded.
Again in October, there was not much
to report in the way of exports from
U.S. West Coast – Vancouver range
to either the Far East or West Coast
Central America. However, of late the
stems for these requirements appear
to have shifted from the U.S. West
Coast – Vancouver range to the U.S.
Gulf. However no fixtures have been
reported at the time of writing.
PALM
The Palm Oil market ex SE Asia could
not sustain the same momentum en-
tering the 4th quarter and witnessed
modest downturns by the end of the
month of October. Early in the period,
export demand was steady in prepa-
ration of Diwali. However, demand
waned as the period progressed and
Diwali commenced. Meanwhile, palm
oil futures were volatile as seasonal
expectations for increased stockpiles
were dampened by excessive rains in
key producing areas.
The benchmark palm oil contract
for December delivery on the Bur-
sa Malaysia Derivatives Exchange
climbed 2.26% to trade at 4,214 ringgit
($895.07) a ton on October 27th. This
recovery was associated with increas-
es in the price of crude and rival soy oil.
Palm Oil 30-40kt
ex SE Asia
$130.00
Exports of Malaysian palm oil reported
for October 1-25 decreased approxi-
mately 3.5% from the same period in
September.
Looking ahead, the direction of the
market remains uncertain as we ap-
proach the final chapters of 2022. Mut-
ed demand is often seasonally expect-
ed as winter arrives in major palm oil
consuming areas, while simultaneous-
ly the time frame when palm produc-
tion is seasonally down would typical-
ly favor the bulls; however, mounting
fears over a recession are still fueling
some bearish sentiments.

$120.00

$110.00

$100.00

$90.00

$80.00

$70.00

$60.00

$50.00

$40.00

$30.00

Straits/USG Straits/Med Straits/UKC

10
GAS
LPG

CHEMICAL GAS

ANHYDROUS AMMONIA
 LPG
VLGC The VLGC market remained firm throughout October, mostly on the
back of stronger freight loading in the East. October opened on a slow bell both
East and West of the Suez, with Golden Week keeping market participants away
from their desks. Despite the low activity from the holidays, the freight market
east of the Suez remained tight for late October laycans. The few fixtures con-
firmed early in the month, were just above last done. Basis the bench mark
voyage, Ras Tanura to Chiba, fixing numbers were just north of $80 pmt. These
rates were slightly higher than what being fixed at the end of September. As the
month progressed towards the mid-point, the fixing window moved forward into
the first decade of November. Activity in the East did not pick up significantly, as
lifters awaited acceptances, however the position list for the first half November
remained tight. The handful of fixtures confirmed were in the high $80s pmt, con-
tinuing the upward trend in the East. Just after mid-month the acceptances were
released, bringing increased activity to the market. The acceptances were front
end of November heavy in terms of timing, and favoring the India bound cargoes.
The forward half of November was already a bit tight, so the added tons to the
market for this timing only pushed rates up further. Rates climbed into the low to
mid $90s pmt, which pushed the freight market east of the Suez above the West
in terms of earnings. Although the East now carried a premium, the West was
still attracting ballast vessels. It will take a prolonged premium before there is a
major shift. Looking forward, OPEC+ announced cuts early in the month, which
will affect the availability of tons in the East going forward. Liftings in the East are
up 13% year to date as a result of OPEC+ returning to pre-Pandemic levels. With
cuts announced, the lower volumes will erode the increase in liftings, however
the US continues to increase production, and export volumes, which will make up
for some of the reductions in the East.
The VLGC market west of the Suez has been complicated for Charterers in Oc-
tober. The month began slowly with the Holidays in the East, coupled with a large
TCE Earnings / Baltic Spot Rates
$4.00
$3.50
$3.00
$2.50
Millions
$2.00
$1.50
$1.00
$0.50
$0.00
12 Baltic RT/Chiba PMT RT/Chiba TCE per month Hou/Flush TCE per month
number vessels fixed in September which covered a good amount of the require-
ments in the market. Only 1 ship changed hands in the first week of the month,
which was the result of her being canceled on her original voyage, because she
was running late. Despite the reduced activity, rates remained firm on the back of
a tight freight market and strong arbs in both directions. For November laycans,
basis Houston to Chiba, rates were in the mid $130s pmt, while in the other direc-
tion, Houston to Flushing, rates were in the high $60s to low $70s pmt. While the
following weeks continued to be unusually quiet in the USG, rates continued to
remain firm. Arbs remain wide enough to support the current freight levels, and
coupled with the tight position list, Owners were able to keep rates from decli-
ning. By month end, things became more complicated due to increasing delays
at the Panama Canal. The fixing window moved into the first half of December,
which at the time of writing was controlled by a single Owner. Delays in both
directions at the Canal increased over the last couple weeks, which has created
some question marks for vessel’s itineraries. As a result, traders removed relets
from the market to cover their own cargoes. With the market controlled by one
Owner, and trader relets removed now gone, the market came to a halt despite
the number inquires quoted. At the timing of writing, Owners were not prepared
to give rates until their itineraries become clearer, which will result in a flurry of
fixtures in the next couple of weeks for December dates. Rates will inevitably
increase, and are expected to reach the $150’s to $160s pmt levels.
LGC With two vessels now trading spot, the LGC market has more active than
previous months. The Helsinki was fixed to Energy Transfer Partners for an early
October cargo from Nederland to Tarragona. The Denver was fixed to Petredec
for a cargo ex-Houston in November. Which makes the Helsinki the next ava-
ilable vessel in the segment. With the VLGC market as tight as it is through the
first half of December, rates for the LGC’s likely mirror levels fixed on the VLs.
VLGC & LGC 12 Month T/C Indicator
$140 $1,700
$120 $1,500
$100 $1,300
$80
THOUSANDS
$1,100
$60
$900
$40
$700
$20
$500
$0
$300
Hou/Chiba TCE per month VLGC LGC
Midsize / Handy

Both the handy and midsize segments are relishing in high levels of employment, with few positions to work on either side of the Suez. The handy market continues
to be the workhorse of the long haul petrochemical market from the USG and Europe. The C2 fleet is nearly sold out for the remainder of the year. The few non-ethy-
lene positions that have opened up over the month have found employment in spot LPG or the trans-Atlantic petrochemical trade. East of the Suez, there is a lack of
workable tonnage in LPG for any real activity to surface. Although there is a large contingent of vessels heading East with ethylene from the USG, almost all these
vessels will point their bows back towards Houston once they discharge. The lack of activity in LPG for this segment is more due to the lack of positions then LPG tra-
ding interest. The VLGC market is sold out of vessels for November, so there is plenty of room for handy owners to squeeze their way into LPG cargoes ex-Houston.

The midsize segment was a bit more active in LPG this month compared to their smaller sisters. In the West, the Nisyros was fixed for a trans-Atlantic voyage from
Marcus Hook, loading late October. She will come open mid-November in N.W.E. Byzantine had three vessels open throughout the month, which all three found
employment before the time of writing. Trafigura fixed both the Bakken Lady and Marcellus Lady for short time charters in the West. The Sifnos Lady also found
employment after coming open off WAF, however at the time writing it was not confirmed what she will do. In the East, there was shortage of workable tonnage to
make any waves in terms of spot or timecharter LPG fixtures. Both the midsize, and handy segment will remain firm through the remainder of the year.

Midsize Fully Ref T/C Indicator Handy S/R & Eth 12 Month T/C Indicator
$1,000 $1,000

$900 $900

$800 $800
THOUSANDS

THOUSANDS
$700 $700

$600 $600

$500 $500

$400 $400

$300 $300

38,000 CBM 35,000 CBM Handy F/R Handy S/R Handy Eth

13
CHEMICAL GASES
The petrochemical gas market began was a bit sluggish in October, with exports
down month to month according to our numbers. While ethylene continues to
export from Houston at increasing levels, other products, and ethylene exports
loading elsewhere, have taken a breather. In the West, at the time of writing, find-
ing a C2 vessel for November and even December dates is a challenge. The only
workable tonnage for Houston in November is currently one 12,000 cbm vessel
that is under propylene. She was rumored to be working Mitsubishi for first half
November, but she had not be confirmed at the time of writing. Otherwise, char-
terers have to look to December or even January for the next handy vessel. The
tight freight market combined with the captive product market from Enterprise
and Targa, has made it difficult for traders without contract tons to compete in
the current format. While cargo and windows continue to be the main driver for
the USG market, traders have become increasingly more aggressive in forward
fixing. The arbs to Asia have begun to erode so if the market will continue on
this trajectory is in question, but it will remain through the end of the year due to
fact December is already being worked weeks before windows are released by
Enterprise.

The Propylene market has taken a step backward in October. The trans-Atlantic
cargoes from ARA to ECM and Columbia have seemingly to dry up after a hand-
ful cargoes were fixed in previous months. Several traders attempted to bring
back the Houston to ARA trade as well. Marubeni was able to fix the Kalolimnos
early in the month from Houston to Antwerp, but otherwise nothing was done.
The arb briefly supported cargoes to Europe, but there was no buying interest.
After one handy owner fixed and failed a few times, nothing else ended up getting
down. Otherwise, there was some smaller cargoes fixed in NWE and the Med,
and one trade who won the PetroRabigh tender for early November who will
bring the tons to Egypt.

The C4 market was also a bit sluggish in October. Prices in the US declined
for November, which has decreased buying interest in the region. Despite the
poor prices in the USG, a few trans-Atlantic cargoes were concluded, with the
typical charterers on two of cargoes. Outside of these cargoes, the usual USG to
Altamira business was in the market for first half November, and believed to be
fixed on a Gaschem ship. It was also rumored Vinmar was discussing one of their
contract crude c4 cargoes for December.

It is noteworthy to mention it was announced Seapeak will buy the Evergas eth-
ane fleet. The price is rumored to be around $700 million. Evergas has 2 VLECs
and 8 x 27,500 cbm9 (Dragon class) ethane vessels. All ten vessels are on long
term time charter to INEOS.
ANHYDROUS AMMONIA
The Global ammonia market was once again focused on the price of natural gas in Europe which flattened and dropped during the sec-
ond half of October. The Dutch TTF forward price dropped to Euro 104/MWh which correlates to a production cost of about $1,100/t for
ammonia. SKW Piersteritz and Gura Azot announced plans to restart their European plants. As a result of the lower gas price and recent
announcements, European producers revisited their decision to import or produce. The potential shift from expensive long haul cargoes
from the U.S., Middle East, and Asia to local supply fueled a bearish sentiment and a call for a price correction. Chinese exports increased
for the third consecutive month and provided discounted tons to India, lending support for a price reduction. .

Despite the bearish sentiment, exports from the major hubs increased or remained flat for the period. Prices on the other hand started
to drop across all of the markets and most notably for the contract price in Tampa which fell $25/t. On the shipping side, the short term
impact of newbuilding deliveries and the expected reduction in cargo ton miles dampened market enthusiasm. However, the middle term
outlook for ammonia shipping remained optimistic as Blue Ammonia shipments became a reality. Ma’aden’s announcement that they sold
a full cargo of Blue Ammonia to receivers in Germany, based on formula, demonstrated that the green future has arrived.

$/
  FOB FOB FOB FOB CFR CFR MMBTU
Black HH Nat
  Caribs Sea Baltic AG U.S.G. FEA Gas
Aug-22 $1,095 $1,000 $960 $1,075 $1,150 $900 8.49
Sep-22 $1,125 $1,030 $1,000 $1,075 $1,175 $925 8.40
Oct-22 $1,100 $1,010 $1,000 $1,050 $1,150 $900 5.93

  Caribs Indonesia AG China Algeria Total

  MTS MTS MTS MTS MTS MTS
Aug-22 398.0 162.0 407.0 33.0 131.0 1131.0
Sep-22 387.0 149.0 340.0 51.0 103.0 1030.0
Oct-22 372.0 194.0 359.0 65.4 116.0 1106.0

15
 Black Sea
Yuzhny remained shut down through October and no updates were provided
during the period. The nominal price range dropped to $1,005 - $1,130 through
the period.
Baltic
Exports from the Baltic did not resume through October but a nominal price range
of $980 - $1,035 fob, with a median price of $1000 fob, was assessed during the
period.
Algeria
October exports totaled 116,000t on eight liftings, up slightly from September
levels and the YTD average of about 110,000t. Unexpectedly Trammo led the
trade field with 45,000t lifted on the Marycam Swan, Navigator Galaxy, and Gas
Snapper. Yara matched the number of liftings but fell just short on the volume
with 41,000t using the Navigator Taurus and Yara Sela. Feritglobe lifted the low-
est volume with back to back voyages on the Navigator Genesis. Most of the
discharge ports were in the MED or Black Sea, but longer haul cargoes to Brazil
(Trammo), Norway (Yara), and Poland (Fertiglobe) were scheduled. Prices came
under pressure as evidenced by Trammo’s purchase of 15,000t from AOA which
was initially reported at $1200 fob but later assessed closer to $1,050.
Egypt
Exports from Egypt picked up in October after a very slow September. Fertiglobe
lifted 25,000t from EBIC on the Nova Scotia with discharge in Tunisia and a sec-
ond parcel from Abu Qir for discharge in Spain on the Navigator Grace. EBIC’s
676,000 t/y plant was out of service at the start of the month but resumed opera-
tions during the second week.
Middle East
Exports from the Middle East increased slightly to 359,000t on sixteen liftings.
Ten traders participated in the market but less than 50% of the cargoes were
lifted by local producers. Ma’aden put the Seagemini, Waregem, and Wepion on
berth to load 100,000t on four liftings while Sabic managed two liftings on the Al
Jabriah and Seasurfer. Muntajat and Raintrade were limited to single cargoes
on the Seashine and Gas Akita. Trammo was very active with the Gas Venus,
Green Pioneer, and Trammo Paris while Ameropa, Fertiglobe, Trafigura, Mistui,
and OCP were able to secure single cargoes on the Searambler, Nova Scotia,
Ontario, Navigator Sun, and Navigator Jorf. Five cargoes were loaded for dis-
charge in the West while three were waiting orders in the AG. The remainder
were supplied to traditional markets in India and the Far East.
No spot purchases were reported in October but price assessments flattened and
subsequently dropped. The netback price range was lowered to $800 - $835 fob
while spot prices slumped to $950 - $1,050 fob. Gas prices in Europe dropped
16
substantially through the period and local production is expected to increase
thereby reducing demand for Middle East tons. We forecast this will put addition-
al price pressure on this market and fuel bearish sentiment.
The 365,000t/y ammonia plant at Salalah’s Methanol plant remained shut down
for the period but is expected to resume operations imminently. Ma’aden’s MPC
Phosphate plant went down for maintenance, reportedly due to a rupture in a sea
water line, and is expected to be out of service for about 50 days. The company
also announced its first shipment of Blue Ammonia on the Kallo in November.
China
The domestic ammonia market remained subdued through October and the arb
for International sales remained strong. Exports increased about 20% and to-
taled 65,400t, largely due to the transition to larger cargoes. The Camila B load-
ed 7500t in Dafeng for discharge at JNPT where the price was estimated in the
$855 - $880 cfr range. The Gaz Serenity and Hong Jin loaded Handy-size car-
goes for discharge in Morocco and Caojing respectively, while the Gas Grouper
lifted an MGC cargo for Henan Energy. The Tanja Kosan was diverted to Dafeng
for a 4200 mt cargo at the close of the month. The Vast Ocean was fixed for a
spot cargo ex Zhanjiang for November at about $800 fob for discharge at Taic-
hung for CPDC. We forecast the bearish sentiment in the market will put price
pressure on Chinese exports and close the gap between the International and
domestic markets. Product quality has also become an issue for some receivers
and this could dampen ongoing demand.
Indonesia
The vessel line up for Indonesia expanded for the third consecutive month and
totaled 192,400t on fourteen liftings. PKI supplied six of the cargoes while Parna
Raya accounted for four and PAU for three. PIHC supplied a single cargo. Ex-
ports to the Far East and India accounted for most of the voyages but five were
scheduled for the West and one was still under negotiation. We forecast the arb
for cargoes to the West will decline in November as European production ramps
up and cargoes from the US/Trinidad and Algeria capitalize on lower freight rates.
We forecast this market will remain firm but flat for the close of this year.
Trinidad
The vessel line up for Trinidad was comparable to September levels and repre-
sented a potential 372,000t on thirteen liftings. Koch, Nutrien, and Yara used
their contract tonnage to move most of the cargo but Trammo put the Gas Cobia
and Gas Manta on berth as well. Eight of the cargoes were loaded for Europe,
Morocco, and the UK while two supplied the regional trade in Brazil. Two cargoes
went West to the Panama canal for orders and only a single cargo was scheduled
for the USA. Gas curtailments continued through the period and forced Yara’s
Tringen I and II plants to run at 85%. YTD exports were trending 6% lower than
last year but we forecast that gap will close in the final months of the year.
Trinidad continued
Prices dropped $25/t through the period and settled at $1100 fob on bearish sen-
timent, reduced demand from the US, and the reduction in gas prices in Europe.
We forecast this market will remain firm as the Fall Application Season in the US
improves demand and Asian cargoes become non-competitive.

Asia
Exports to Asia improved relative to September levels on the back of increased
demand from India and Korea. Indian imports improved from 143,000t to 226,000t
on the back of strong support from fertilizer buyers. Korea’s industrial buyers re-
ceived 82,000t, up significantly from the lackluster 48,000t posted in the previous
month. Taiwan’s volume dropped due to slow downs at the CPDC plants. Prices
were stable through the period but we expect downward pressure in November
as Western exports stall and inventory in the Middle East and Indonesia builds.
We expect buyers to take a wait and see approach rather than risk buying early
in a declining market.

U.S.A.
The 2022 harvest was behind schedule at the start of October but favorable
weather and crop conditions fueled a strong rebound in the second half of the
month. The corn and soybean harvests were reportedly well beyond 50% on Hal-
loween (October 31st). The Fall Application season started in some regions early
in the month and ramped up through the period. Cornbelt prices were reported
stable at $1,300 - $1,400 and appeared to be disconnected to the Tampa import
price which dropped $25/t to $1,150 cfr. We forecast the domestic market will
remain firm through the Fall Application Season.

U.S. exports are on track to double relative to last year and October liftings sup-
ported that trend. The Yara Nauma and Nashwan loaded handy size cargoes
for Yara and OCI respectively for discharge in Norway and Spain. The reduction
in gas prices in Europe are expected to reduce U.S. exports but not to the infre-
quent levels seen prior to the war in the Ukraine.
FIXTURES
CHEMICAL

GAS

PERIOD
 CHEMICAL FIXTURES

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

CNR Livarden 4,000 Acetic Acid Jingjiang Turkey 10/14/2022 10/24/2022 RNR
CNR Stolt Kashi 5,200 Acetic Acid Qinzhou Brazil 10/14/2022 10/24/2022 RNR
CNR Nordic Aqua 1,000 Acetone Huelva Altamira 10/14/2022 10/24/2022 RNR
Tricon Stolt TBN 2,000 Acetone Houston ARA 10/18/2022 10/28/2022 RNR
CNR Seaways Gatun 35,000 Base Oil Ulsan Houston 10/18/2022 10/28/2022 RNR
CNR Vessel TBN 20,000 Base Oil Fawley Charleston 10/14/2022 10/24/2022 RNR
CNR Bice Amoretti 3,500 Benzene Algeciras Huelva 10/24/2022 11/03/2022 RNR
CNR Global Lake 5,000 Benzene Haifa Tarragona 10/14/2022 10/24/2022 RNR
CNR NQ Alpinia 3,500 Benzene Rotterdam Huelva 10/24/2022 11/03/2022 RNR
CNR R.C Behar 2,000 Benzene Algeciras Huelva 10/24/2022 11/03/2022 RNR
CNR YM Miranda 3,000 Benzene Haifa Tarragona 10/14/2022 10/24/2022 RNR
CNR Atlantic Prince 25,000 Canola Oil Vancouver Malaysia 10/14/2022 10/24/2022 RNR
Tricon Louis P 15,000 Caustic Soda Point Comfort San Ciprian 10/24/2022 11/03/2022 RNR
Braskem MTM Houston 17,000 Caustic Soda Point Comfort Santos 10/14/2022 10/24/2022 RNR
Braskem NCC Damman 20,000 Caustic Soda Point Comfort Santos 10/14/2022 10/24/2022 RNR
FCC Nord Ventura 30,000 Caustic Soda Lake Charles Vila do Conde 10/25/2022 10/30/2022 RNR
Suzano RF Marina 9,000 Caustic Soda Plaquemine Santos 10/14/2022 10/24/2022 98.00
CNR RF Stella 4,100 Caustic Soda Lake Charles Barcelona 10/24/2022 11/03/2022 RNR
Aloca Vessel TBN 37,000 Caustic Soda USG Sao Luis 10/24/2022 11/03/2022 RNR
SIETCO Swan Pride 10,000 Chems USG Med 10/18/2022 10/28/2022 185.00
CNR NCC Haiel 1,600 DEG Al Jubail Barcelona 10/24/2022 11/03/2022 RNR
Braskem Stolt Stream 5,000 ETBE Aratu Houston 10/14/2022 10/24/2022 RNR
CNR Maritime Jingan 22,000 Ethanol Santos USEC 10/14/2022 10/24/2022 RNR
CNR MTM Hong Kong 18,000 Ethanol Paranagua Norfolk (va.) 10/14/2022 10/24/2022 RNR
CNR Stolt Maple 4,500 Ethanol Karachi Barcelona 10/24/2022 11/03/2022 RNR
 CHEMICAL FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

CNR Torm Splendid 37,000 Ethanol Brazil Los Angeles 10/14/2022 10/24/2022 RNR
CNR Willard J 23,000 Ethanol Paranagua UKC 10/14/2022 10/24/2022 RNR
CNR Lea ATK 1,500 LAB Algeciras Barranquilla 10/24/2022 11/03/2022 RNR
CNR Nordic Maya 3,000 LAB Algeciras Barranquilla 10/14/2022 10/24/2022 RNR
CNR Stolt Viking 8,000 Lubes Lake Charles Mumbai 10/14/2022 10/24/2022 RNR
Oxyde Bow Olympus 10,000 MEG USG Yangtze River 10/14/2022 10/24/2022 95.00
CNR Chem Patriot 13,000 MEG USG Suape 10/14/2022 10/24/2022 RNR
CNR Chemroad Dita 3,000 MEG Al Jubail Algeciras 10/14/2022 10/24/2022 RNR
CNR Eva Tokyo 4,000 MEG Yanbu Algeciras 10/14/2022 10/24/2022 RNR
CNR NCC Haiel 9,500 MEG Al Jubail Barcelona 10/24/2022 11/03/2022 RNR
CNR Octonaut 12,000 MEG USG East Med 10/18/2022 10/28/2022 RNR
Tricon Stolt TBN 7,000 MEG Corpus Christi ARA 10/18/2022 10/28/2022 89.00
CNR Stolt Virtue 2,000 MEG Lake Charles Barcelona 10/14/2022 10/24/2022 RNR
Indorama Chemical Hunter 6,500 Metaxylene Texas City Algeciras 10/24/2022 11/03/2022 RNR
FCC Hafnia Aragonite 30,000 Methanol Al Jubail Nantong 10/12/2022 10/20/2022 RNR
CNR Lila Confidence 18,000 Methanol Al Jubail Yangtze River 10/14/2022 10/24/2022 RNR
Sabic NCC Haiel 1,500 Methanol Al Jubail Barcelona 10/24/2022 11/03/2022 RNR
Proman NCC Sama 37,000 Methanol Point Lisas Lianyungang 10/24/2022 11/03/2022 RNR
Atlantic Methanol Pico Basile 37,000 Methanol Punta Europa Ferrol 10/24/2022 11/03/2022 RNR
Waterfront Seymour Sun 37,000 Methanol Geismar Cartagena (Colombia) 10/24/2022 11/03/2022 RNR
Waterfront Takaroa Sun 37,000 Methanol Geismar Tarragona 10/24/2022 11/03/2022 RNR
Braskem Stolt Stream 2,100 Mixed Xylene Aratu Houston 10/14/2022 10/24/2022 RNR
CNR Gulf Mishref 14,000 Molasses Puerto Cortes Houston 10/14/2022 10/24/2022 RNR
CNR K Inset 10,000 Molasses Coatzacoalcos Port Esquivel 10/14/2022 10/24/2022 RNR
CNR SCOT HAMBURG 7,200 Molasses Barahona Baltimore 10/14/2022 10/24/2022 RNR
 CHEMICAL FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

CNR Med Canary 5,000 MTBE Fos Cartagena (Colombia) 10/24/2022 11/03/2022 RNR
CNR Bow Agathe 7,000 Normal Paraffin Algeciras Brazil 10/24/2022 11/03/2022 RNR
CNR Nordic Aqua 8,500 Normal Paraffin Algeciras Becancour 10/14/2022 10/24/2022 RNR
CNR Fairchem Copper 23,000 Palm Oil Indonesia USWC 10/18/2022 10/28/2022 RNR
CNR TRF Mandal 5,000 Paraxylene Rabigh Algeciras 10/14/2022 10/24/2022 RNR
CNR Torm Leader 40,000 PME China ARA 10/14/2022 10/24/2022 RNR
Adisseo Chem Barcelona 3,000 Rhodimet Bilbao Philadelphia 10/24/2022 11/03/2022 RNR
Tricon Ace Tankers TBN 6,000 Styrene Mississippi River ARA 10/18/2022 10/28/2022 88.00
Lyondell Bow Sky 9,000 Styrene USG ARA 10/14/2022 10/24/2022 RNR
Shell Bow Sky 15,000 Styrene Houston ARA 10/14/2022 10/24/2022 78.00
CNR Fairchem Conquest 10,000 Styrene USG Spanish Med 10/14/2022 10/24/2022 RNR
CNR Falesia 4,500 Styrene Tarragona Perama 10/14/2022 10/24/2022 RNR
CNR Lia Ievoli 8,700 Styrene Tarragona Perama 10/24/2022 11/03/2022 RNR
CNR Med Canary 3,000 Styrene Tarragona Berre 10/14/2022 10/24/2022 RNR
Lyondell Stolt Creativity 7,000 Styrene USG ARA 10/14/2022 10/24/2022 80.00
Kolmar Stolt Surf 10,000 Styrene Houston ARA 10/18/2022 10/28/2022 88.00
CNR Vessel TBN 5,000 Styrene USG ARA 10/14/2022 10/24/2022 RNR
Tronox Bow Architect 7,000 Sulfuric Acid Aviles Aratu 10/14/2022 10/24/2022 RNR
CNR Giancarlo D 18,500 Sulfuric Acid Hamburg Mejillones del Sur 10/14/2022 10/24/2022 RNR
CNR Jal Siddhi 8,000 Sulfuric Acid Spain Aratu 10/14/2022 10/24/2022 RNR
CNR Ardmore Chinook 24,000 UAN Point Lisas Stockton 10/14/2022 10/24/2022 RNR
Yara Chem Argon 10,000 UAN Sluiskil USEC 10/18/2022 10/28/2022 RNR
CF Industries RF Marina 9,000 UAN Donaldsonville Santos 10/14/2022 10/24/2022 98.00
Eurochem Sehnaz Ka 15,000 UAN Novorossisyk Ghent 10/18/2022 10/28/2022 RNR
BP High Fidelity 40,000 Used Cooking Oil China ARA 10/18/2022 10/28/2022 131.25
 CHEMICAL FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

CNR Stena Important 38,000 Used Cooking Oil China Huelva 10/24/2022 11/03/2022 RNR
CNR Livarden 1,000 VAM Jingjiang Turkey 10/14/2022 10/24/2022 RNR
CNR Atlantic Falcon 40,000 Vegoil Argentina WC India 10/14/2022 10/24/2022 RNR
CNR Bow Fagus 20,000 Vegoil Argentina ARA 10/01/2022 10/05/2022 RNR
CNR Yufu Crown 28,000 Vegoil Argentina Med 10/13/2022 10/20/2022 RNR
CNR Torm Republican 27,000 Vegoil Argentina EC Canada 10/30/2022 11/04/2022 RNR
CNR Uzava 16,000 Vegoil Argentina Vera Cruz 10/18/2022 10/22/2022 RNR
CNR Scot Bayern 7,500 Vegoil Argentina Cuba 10/15/2022 10/24/2022 RNR
CNR Nord Gardenia 38,000 Vegoil Argentina WC India 09/30/2022 10/05/2022 RNR
CNR MTM Mumbai 40,000 Vegoil Arg & Brazil WC India 09/15/2022 09/25/2022 RNR
CNR Atlantic Falcon 40,000 Vegoil Argentina WC India 10/01/2022 10/07/2022 RNR
 GAS FIXTURES

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

IOC Gas Zenith 44,000 LPG Ras Laffan India East Coast 10/11/2004 11/05/2022 3.7 Mil
Bora Pinza 44,000 LPG Houston Options 10/07/2022 10/08/2022 RNR
HPCL BW Loyalty 44,000 LPG AG India East Coast 10/19/2022 10/20/2022 83.00
Sinochem Gaz Imperial 44,000 LPG AG Far East 10/20/2022 10/21/2022 80.25
Aygaz Passat 44,000 LPG Houston Options 10/22/2022 10/23/2022 82.00
ATC Mistral 44,000 LPG AG Far East 10/24/2022 10/25/2022 82.00
Shell Sirocco 44,000 LPG AG Far East 10/27/2022 10/29/2022 81.00
ATC Gas Alkhaleej 44,000 LPG AG Far East 10/27/2022 10/28/2022 80.00
Exxon Gas Umm Al Rowaisat 44,000 LPG Westernport Far East 10/28/2022 10/30/2022 85.00
ATC Nadeshiko Gas 44,000 LPG AG Far East 10/30/2022 10/31/2022 89.00
ATC Bu Sidra 44,000 LPG AG Far East 10/30/2022 10/31/2022 80.00
ATC Hellas Glory 44,000 LPG AG Far East 10/30/2022 10/31/2022 80.00
ENEOS Linden Pride 44,000 LPG AG Far East 10/31/2022 11/01/2022 85.00
Mecuria Ronald N 44,000 LPG Marcus Hook Far East 11/01/2022 11/02/2022 129.00
BPCL BW Cedar 44,000 LPG AG India East Coast 11/01/2022 11/05/2022 98.50
BPCL BW Lord 44,000 LPG AG India East Coast 11/01/2022 11/05/2022 97.00
BPCL Vega Song 44,000 LPG AG Far East 11/01/2022 11/05/2022 97.00
Astomos Corvette 44,000 LPG Prince Rupert Far East 11/03/2022 11/05/2022 RNR
HPCL BW Leo 44,000 LPG AG India East Coast 11/04/2022 11/05/2022 99.50
BP Sarv Shakti 44,000 LPG AG Far East 11/05/2022 11/06/2022 56.00
Chinagas Gas Star 44,000 LPG AG Far East 11/08/2022 11/09/2022 94.00
Chinagas Ayame 44,000 LPG AG Far East 11/08/2022 11/09/2022 82.00
HPCL Ocean Gas 44,000 LPG AG India East Coast 11/09/2022 11/10/2022 109.00
Chinagas Sirocco 44,000 LPG AG Far East 11/10/2022 11/12/2022 103.00
Marathon Constellation 44,000 LPG Houston Far East 11/11/2022 11/12/2022 138.00
 GAS FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

Inpex Yuhsan 44,000 LPG Darwin Far East 11/11/2022 11/12/2022 RNR
ETP Avance Capella 44,000 LPG Nederland Options 11/13/2022 11/15/2022 131.00
BGN Gas Al Mubaraklah 44,000 LPG AG Far East 11/13/2022 11/15/2022 88.00
BB Energy Secreto 44,000 LPG Houston Far East 11/14/2022 11/15/2022 133.00
Equinor Gas Tigers 44,000 LPG AG Far East 11/14/2022 11/16/2022 93.00
ATC Tenacity IV 44,000 LPG Yanbu Far East 11/14/2022 11/16/2022 RNR
BP Durham 44,000 LPG Marcus Hook Options 11/15/2022 11/20/2022 RNR
Trafigura Monsoon 44,000 LPG Ras Laffan Far East 11/16/2022 11/17/2022 93.50
Oriental Energy Breeze 44,000 LPG Houston Far East 11/19/2022 11/20/2022 137.00
Gunvor Clipper Quito 44,000 LPG USG Far East 11/19/2022 11/20/2022 134.00
Chevron Hellas Sparta 44,000 LPG Soyo Far East 11/19/2022 11/21/2022 83.00
Total Bellavista Explorer 45,000 LPG Houston Options 11/21/2022 11/22/2022 135.00
Total HLS Amber 44,000 LPG Houston Options 11/21/2022 11/22/2022 133.00
Petredec BW Var 44,000 LPG Abbot Point Far East 11/23/2022 11/24/2022 138.00
BGN Gas Venus 44,000 LPG Houston Options 11/23/2022 11/24/2022 136.00
Vilmar BW Messina 44,000 LPG Houston Far East 11/28/2022 11/29/2022 138.00
Vilma Vivit Thuban 44,000 LPG Houston Options 11/28/2022 11/29/2022 136.00
ENEOS Umm Laqhab 44,000 LPG USG Far East 11/28/2022 11/30/2022 135.00
ENI JS Lekvar 2,800 LPG Tees Tees 10/02/2022 10/04/2022 RNR
Select Energy Sigmagas 4,000 LPG Abbot Point Med 10/03/2022 10/05/2022 RNR
Select Energy Eco Czar 2,800 LPG Rijeka Black Sea 10/04/2022 10/06/2022 RNR
Essar Elisabeth 2,000 Butane Stanlow Options 10/05/2022 10/07/2022 RNR
Total B Gas Margrethe 2,800 Isobutane Kaarstoe NWE 10/06/2022 10/08/2022 RNR
Exxon B Gas Maud 2,800 Butane Fawley Antwerp 10/10/2022 10/12/2022 RNR
SHV Vortex 1,700 Propane Lavera Barcelona 10/10/2022 10/12/2022 RNR
 GAS FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

ENI Epic St. Thomas 2,800 Butane Kaarstoe Options 10/13/2022 10/15/2022 RNR
ENI Equinor TBN 2,800 Butane Kaarstoe Gdansk 10/13/2022 10/15/2022 RNR
Petroineos Knebworth 6,000 Butane Lavera Med 10/14/2022 10/16/2022 RNR
Exxon Emily Kosan 1,600 Propane Fawley Options 10/14/2022 10/16/2022 RNR
Sacor JS Alular 1,500 LPG Sines Leixoes 10/14/2022 10/16/2022 RNR
SHV Ghibli 1,700 Propane Pembroke Ambes 10/15/2022 10/17/2022 RNR
SHV Sundowner 1,500 LPG Flushing Stanlow 10/16/2022 10/18/2022 RNR
Petroineos Epic Susak 6,000 Butane Abbot Point Med 10/20/2022 10/22/2022 RNR
Equinor B Gas Monarch 1,800 Propane Kaarstoe Belfast 10/20/2022 10/22/2022 RNR
Hyproc Sanmar Regent 7,500 LPG Arzew Med 10/23/2022 10/25/2022 RNR
Petroineos B Gas Maud 2,800 Butane Grangemouth NWE 10/23/2022 10/25/2022 RNR
Vitol JS Lekvar 2,400 Propane Antwerp Stettin 10/23/2022 10/25/2022 RNR
ENI Joan 2,000 Isobutane Kaarstoe Options 10/23/2022 10/25/2022 RNR
Repsol B Gas Margrethe 2,800 Butane Tees La Corunna 10/24/2022 10/26/2022 RNR
Cepsa PGC Eirini 4,000 Butane Huelva Nador 10/25/2022 10/30/2022 RNR
CSSA B Gas Master 1,700 Propane Tees Antwerp 10/25/2022 10/27/2022 RNR
Shell JS Alular 2,800 Butane Tees ARA 10/28/2022 10/30/2022 RNR
Repsol Ghibli 2,000 Butane La Corunna Bilbao 10/28/2022 10/30/2022 RNR
Petroineos Vortex 1,600 Propane Lavera Med 10/28/2022 10/30/2022 RNR
Cepsa PGC Eirini 4,000 Butane Lavera Morocco 11/04/2022 11/05/2022 RNR
FCC Epic Shikoku 6,000 Butane Corpus Christi Med 11/10/2022 11/15/2022 RNR
Evonik Clamor Schulte 4,000 Butene 1 Antwerp Al Jubail 10/01/2022 10/04/2022 RNR
Repsol Sophia Kosan 4,500 Propylene Bilbao Altamira 10/04/2022 10/06/2022 RNR
FCC BWEK Anholt 5,000 Propylene RG Priolo Egypt 10/05/2022 10/07/2022 RNR
BP B Gas Mariner 1,700 Propylene RG Castellon Tarragona 10/06/2022 10/08/2022 RNR
 GAS FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

Essar Sundowner 1,500 Propylene Stanlow Options 10/06/2022 10/08/2022 RNR
Marubeni Kalolimnos 6,500 Propylene Houston Antwerp 10/08/2022 10/10/2022 RNR
Evonik Trans Catalonia 5,000 Butene 1 Antwerp Jubail 10/13/2022 10/15/2022 RNR
Cepsa Vortex 1,650 Propylene RG Algeciras Spain 10/14/2022 10/16/2022 RNR
Mitsubishi Empery 11,500 Ethylene Houston Far East 10/14/2022 10/16/2022 RNR
Repsol Scali Del Pontino 1,650 Propylene RG Castellon Tarragona 10/16/2022 10/18/2022 RNR
Sacor Gale 1,650 Propylene RG Sines Terneuzen 10/17/2022 10/19/2022 RNR
Marubeni Deltagas 6,500 Ethylene Ruwais SEA 10/20/2022 10/22/2022 RNR
Mitsubishi Ithacki 6,500 Ethylene Rabigh Far East 10/23/2022 10/25/2022 RNR
Vinmar Navigator Venus 12,000 Ethylene Houston Far East 10/24/2022 10/25/2022 RNR
Integra Tessa Kosan 3,000 Propylene Tarragona Thessaloniki 10/25/2022 10/30/2022 RNR
BGN Kithira 6,500 Ethylene Ruwais Ratnagiri 10/28/2022 10/30/2022 RNR
Invista Happy Peregrine 6,000 Butadiene ARA Point Comfort 10/28/2022 10/30/2022 RNR
Vinmar Clipper Eris 11,500 Ethylene Houston Far East 10/28/2022 10/30/2022 RNR
FCC Bering Gas 12,000 Butadiene ARA USG 11/01/2022 11/05/2022 RNR
Marubeni Clipper Hermes 9,000 Ethylene Houston Far East 11/01/2022 11/05/2022 RNR
Marubeni Eclipse 12,000 Ethylene Houston Far East 11/02/2022 11/03/2022 RNR
FCC Thalea Schulte 6,500 Propylene Rabigh Egypt 11/05/2022 11/07/2022 RNR
Integra Gaschem Arctic 5,000 Butadiene ARA Houston 11/05/2022 11/07/2022 RNR
BGN Kithira 6,500 Ethylene Ruwais Port Qasim 11/10/2022 11/15/2022 RNR
Marubeni Clipper Helen 9,000 Ethylene Houston Far East 11/13/2022 11/16/2022 RNR
Marubeni Navigator Atlas 11,500 Ethylene Houston Far East 11/20/2022 11/30/2022 RNR
Marubeni Navigator Oberon 11,500 Ethylene Houston Far East 11/25/2022 11/30/2022 RNR
Mitsubishi Navigator Umbrio 11,500 Ethylene Houston Far East 12/01/2022 12/10/2022 RNR
Vinmar Navigator Pluto 12,000 Ethylene Houston Far East 12/01/2022 12/15/2022 RNR
 GAS FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

Vinmar Pacific Venus 9,000 Ethylene Houston Far East 12/10/2022 12/15/2022 RNR
Marubeni Navigator Triton 11,500 Ethylene Houston Far East 12/14/2022 12/15/2022 RNR
Marubeni Pacific Mercury 12,000 Ethylene Houston Far East 12/20/2022 12/30/2022 RNR

PERIOD FIXTURES

3
CHARTERER VESSEL DWT/M PERIOD LAYCAN DELIVERY HIRE
Energy Transfer Astomos Earth 83,000 12 month 10/15/2022 11/15/2022 Far East 950,000 pcm
SHV Progress 82,500 12 month 10/15/2022 11/15/2022 Far East 31,000 pd
Neptune NS Frontier 82,200 12 month 11/01/2022 11/30/2022 USG 990,000 pcm
SHV Gas Al Negeh 82,000 15-30 day 11/15/2022 11/16/2022 AG 49,000 pd
Zodiac Dorset 80,199 12 month 11/01/2022 11/30/2022 USG RNR
Zodiac Hampshire 80,138 12 month 11/01/2022 11/30/2022 AG RNR
Trafigura Bakken Lady 38,000 40-60 day 11/01/2022 11/15/2022 Gib 31,000 pd
Trafigura Marcellus Lady 38,000 30-45 day 11/01/2022 11/15/2022 ARA RNR
Caribs LPG Eco Stream 7,200 3 month 10/15/2022 10/30/2022 USG RNR
Select Energy Gas Cerberus 5,000 15-30 day 10/20/2022 10/22/2022 EMED RNR
SHV Seagas Loyalty 3,500 6 month 10/01/2022 10/05/2022 NWE RNR
Koch Green Energy 40,000 12 month 10/20/2022 11/20/2022 Far East 825,000 pcm
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Chartering & Operations
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