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September
Market Report
02-06 Chemicals

07-10 Vegoil

11-17 Gas

18-29 Fixtures

New York Singapore

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 Chemicals
Transatlantic East USG - ARA
$160.00
The trans-Atlantic east bound chemical tanker market basically held up during Sep- $150.00
tember. There were some minor drops in some of the rates and there were some $140.00
limited amount of vessel space available for spot cargoes. The contract volumes $130.00
$120.00
were good, which took care of most of the regular carriers’ space. There were two
$110.00
25,000 ton, and one 6,000 ton, coated tramp vessels active in this trade lane. $100.00
5,000 tons of Styrene from Mississippi River to Antwerp was fixed in the low $80’s. $90.00
18,000 tons of Ethanol was also fixed from the River to Antwerp reportedly in the $80.00
$70.00
$60’s. 12,000 tons Caustic Soda was fixed from Point Comfort to Rotterdam, but the $60.00
rate was not reported. Spot cargoes of Acrylonitrile and MEG were also reportedly $50.00
worked and fixed from US Gulf to Antwerp, but no details were available. The mar- $40.00

ket here is expected to remain firm.

To the Mediterranean, 10,000 tons EDC was done from Point Comfort to Barcelona 1,000mts 3,000mts 5,000mts
and was reported to have fixed in the$70’s.
Parcel Size Aug-22 Sep-22 % Change
On the West Bound leg 5,000 tons Benzene was fixed from Rotterdam to Houston 1 kt $ 135.00 $ 135.00 0.00 %
at $68 pmt. The Clean Petroleum market in this direction was firm at almost World-
scale 200. 3 kt $ 95.00 $ 92.00 -3.20 %
5 kt $ 85.00 $ 82.00 -3.50 %

Transpacific USG - FEA

On the US Gulf to Asia trade space was available at the beginning of the month, but $160.00
became tight as the month went on. The rates experienced the same trend. They $150.00
$140.00
first weakened a little and then regained the lost territory. An MR fixed 38,000 tons
$130.00
of ETBE from Houston to Japan, but other than that, no tramp vessel were available $120.00
on this trade lane. The space for spot cargoes were all among the regular carriers. $110.00
10,000 tons MEG from Corpus Christi to Ningbo paid $90 and 5,000 tons EDC from $100.00
$90.00
Point Comfort to Jiangyin was done at $99 pmt. Another 10,000 tons EDC from the $80.00
River to Mapthaput was fixed at $120 pmt. 17,000 CBM of Ethanol was fixed from $70.00
the Mississippi River to the Yangtze River at $140 pmt. 1,500 tons of multi grades $60.00
$50.00
lubes from Houston to several out ports in Asia was done at $260 pmt. Due to the $40.00
space situation it is likely that this trade lane will experience additional rate increas-
es in the coming months.
1,000mts 3,000mts 5,000mts
Two 10,000 ton lots, one EDC and one MEG was fixed from US Gulf to India in the
mid $90’s. Parcel Size Aug-22 Sep-22 % Change

Return cargoes of Benzene from Asia back to the US Gulf were worked, but nothing 1 kt $ 150.00 $ 150.00 0.00 %
was reported fixed. 3 kt $ 115.00 $ 116.00 0.90 %
5 kt $ 90.00 $ 90.00 0.00 %
2
Chemicals
USG - SAM
$180.00
$170.00
South America $160.00
$150.00
$140.00
COA nominations from US Gulf to EC South America continue to be strong, but the $130.00
spot trade was a little slow in September. But, even so the freight rates for larger $120.00
$110.00
volumes increased slightly during the month. Methanol and Caustic Soda were the $100.00
driving forces in this direction. 16,000 tons Caustic Soda was fixed from US Gulf $90.00
to Santos at $130 , which is a level not seen in this trade for many years. 5,000 $80.00
$70.00
tons Luboil from Pascagoula to Santos was reported done at $125 pmt. 5,000 Sty- $60.00
rene from Houston to Santos was reported done at about 115 pmt. Smaller parcels $50.00
of both Styrene, and Lubes were reported done, but the rates were not reported.
Several cargoes of Caustic Soda between 10,000 and 27,000 tons were also fixed.
This trade lane is expected to remain tight on space and high on rates as contract 1,000mts 3,000mts 5,000mts
volumes remain high.
Parcel Size Aug-22 Sep-22 % Change
1 kt $ 165.00 $ 170.00 3.00 %
3 kt $ 150.00 $ 150.00 0.00 %
5 kt $ 110.00 $ 117.00 6.40 %

Contract negotiations for next year have commenced and owners in general are asking for very large increases. They justify this with the increases in the spot rates,
which have gone up by anywhere from 35% to over 90%, in the different trade lanes. Supply of tonnage has decreased slightly as only few newbuildings have come
into the market and demand has increased as of right now the economy is doing quite well.

Charterers find it hard to create competition as owners have become more selective where they wish to use their limited surplus capacity. Where the contract has an
optional year with a percentage window for the rate owners are declaring the max. Where the contract period is finished, the owners are asking for much higher in-
creases and better terms in general. In a few cases owners have even walked from contracts they have had for many years. This mostly applies to smaller contracts.
The only event which could change this picture would be a major recession which will reduce the present strong demand for chemical tankers.

A couple of statistical analyses of the market support this. In one case it is argued that the Time Charter Equivalent Earnings of operating a 19,000 tonner in the
spot market has increased by114% over the last year. Another study claims that the TCE earnings are up 56% over the summer of 2021. This is obviously based on
different calculation methods. Regardless of calculation methods it is crystal clear that the market is very good for the owners at the moment.

As reported last month, Odfjell have redelivered several MRs with chemical class from their pool. According to press reports Hafnia is now attempting to set up a pool
for those and perhaps other similar vessels.

3
QA Singapore
NEA and Southbound
With a series of typhoons affecting
the region this month, Owners had to
contend with weather-related delays
and congestion at ports, with some
Owners having to divert their vessels
to seek shelter from storms. As such,
tonnage was tight as Owners shuffled
their fleets to meet laycan dates, mak-
ing it challenging to fix for more forward
requirements. This added support to
rates during what was a rather quiet
month.
Producers in North-East Asia continue
to operate their plants at trimmed rates
this month due to poor downstream de-
mand. China’s continued pursuit of ze-
ro-Covid continues to see cities enter
either full or partial lockdowns, having
an impact on economic activity and,
naturally, import and export demand.
Export volumes have seen a dip as a
result of the trimmed output from the
region, with COA volumes seeing a
decrease as a result. Despite this, the
COA-heavy owners have been still able
to book their space up to first-half Oc-
tober, with a small handful of Owners
already showing end-October dates.
Some market participants are keep-
ing an eye on developments ahead of
China’s 20th National Congress in Bei-
jing and speculating whether the ses-
sion would bring about any relaxing of
Covid restrictions.
On the Southbound tradelane, there
have been fewer caustic soda and acid
cargoes headed to South-East Asia
and India. However, an interest to bring
palms from South-East Asia to China
has opened up more opportunities for
4
intra-Asian owners. We have heard
some palms cargoes being fixed on
some stainless tonnage, indicating that
Charterers appear to be willing to pay
a premium for these cargoes.
Intra-NE Asian trade did see an uptick
in the second half of the month as mar-
ket participants try to conclude deals
ahead of China’s week-long Golden
Week holidays at the start of October.
Most of the Owners on this tradelane
are already booked up to mid-October,
with most open positions being market-
ed for second half October dates.
SEA and Northbound
South-East Asian markets saw yet
another month of mixed activity. The
Northbound tradelane had been most-
ly quiet on the spot side, with a few
producer requirements of base oils
and solvents being quoted. Spot rates
were under pressure as bunker prices
had slid through the month, with freight
moving slightly more towards Charter-
ers’ favour. However, with intra-Asian
tonnage tight for September at the start
of the month, and with typhoons in the
region causing delays and disruptions
to Owners’ vessel schedules, rates still
had some upward support. Contractual
volumes are stable, with the usual COA
owners finding stable employment.
Despite the fact that the Golden Week
in China are in first-week October,
there was no significant boost in North-
bound chems volumes ahead of the
holidays. This was largely because
downstream demand still remained
subdued with producers in North-East
Asia still trimming their output. How-
ever, there was an increase in palms
volumes being quoted from South-East
Asia into China, providing some alter-
native options for intra-Asian owners.
Interestingly, some of these palms
cargoes were heard fixed on stainless
tankers, meaning that Charterers had
been very willing to pay for a premium.
This is also considering that Owners of
stainless tonnage would likely include
tank cleaning costs in their freight, es-
pecially if these vessels are loading
more sophisticated chems cargoes af-
terwards.
Palms volumes to India continue to
be steady amid the seasonal demand
seen ahead of Deepavali. Consequent-
ly tonnage has been tight on this trad-
elane, with some Owners ballasting
their ships in from the Middle East just
to load palms cargoes. Spot rates have
thus been stable through the month,
despite the ease in bunker costs.
In the short term, we expect to see
some tightness for the Northbound
tradelane as typhoons continue to
cause delays. Some are speculating
that bunker prices, especially LSMGO,
are likely to rebound in the colder
months as more gasoil gets redirected
for heating and energy generation.
QA Dubai
Middle-East, Indian Subcontinent
Shipping markets out of the AG hov-
ered in September, as economic risks
impacted product demand leading to
some wild swings in the CPP markets,
and turbulent market sentiment. Oil
and bunker prices retreating through
the month was hoped by charterers to
be the catalyst for an easing in rates,
but ship space remained tight over-
all. Would-be AG loaders are being
dragged directly East for the lucrative
palms market, and additional long-
haul chemical and product routes are
cementing from changes to trading
patterns. Disruption in Jubail in par-
ticular persists and the tighter market
is resulting in prompt producer re-
quirements attracting indications with
freights at a premium. 19k-DWT ves-
sels were particularly busy this month,
with most September space being
snapped up in the first couple of weeks
into the month. Rates for these vessels
are also high, and together with vary-
ing requirements in terms of dates and
varying quality of tonnage accepted for
different requirements, the market is
seeing a tiered structure develop for
otherwise comparable moves.
With Gazprom announcing an indef-
inite shutdown on the Nord Stream 1
pipeline in early September, fears of a
prolonged shortage in Europe were re-
kindled along with the political tit-for-tat
statements between Russia and West-
ern countries. It is not too much of a
surprise that producers have continued
to trim their production in the continent,
which has had impacts on the demand
for feedstock. Demand for spot import
volumes from East of Suez had also
eased off a little, causing the ease in
Westbound spot rates. COA volumes
in this direction have been keeping the
few owners on this route busy, which
has added some upward support to
rates.
Full or partial lockdowns are still being
implemented in several Chinese cities
and the zero-Covid policy continues to
put a dark cloud over economic activity
in North-East Asia. With plants in China
and other parts of North-East Asia run-
ning at trimmed rates, either to man-
age inventories or margins, there were
few spot requirements heading in that
direction. On the other hand, cargoes
heading to South-East Asia had been
very attractive for owners due to the
healthy palms volumes on the back-
haul from South-East Asia to India and
Pakistan. Stems of methanol and gly-
cols to South-East Asia had seen keen
interest from owners. We have even
seen some owners ballasting their
vessels from the Middle East into Asia,
just to load these cargoes. With the
seasonal increase in demand ahead of
Diwali in November, we expect activity
to carry over into October. Otherwise
UCO and biodiesels out of East Asia
have attracted some ballasters send-
ing from the Middle East as well.
CPP markets have had a rather volatile
month, with MR cross-ME Gulf rates
hitting US$1,000,000 at its highest in
the earlier half of the month, and hit-
ting sub-$500,000 in the second half.
Despite these fluctuations, ‘swing’
tonnage owners had mostly kept their
vessels in the CPP trade in September.
Rates have come off towards the end
of the month, and some vessels which
had discharged CPP in East Africa
seen ballasting back to the Middle East
for cargoes, putting additional tonnage
into the region.
QA Shanghai
Early in the month, the domestic mar-
ket soft particularly in Southern China.
However as the month progressed the
domestic market rebounded on the
heels of restocking prior to the Gold-
en Week holidays, finishing the period
stable, with the supply of tonnage in
balance. This was attributed to sever-
al plants resuming operation following
outages early in September, which led
to forward fixing into October dates.
Looking ahead, the market may remain
stable for the rest of the year, as win-
ter is typically the busy season, but still
subject the Covid-2019 situation and
import demand from the foreign coun-
tries.
#0 Diesel Oil is DOWN by 1.07%
while IFO 180 low Sulphur marine
fuel is DOWN by 2.95% throughout
the month. This could weigh down the
freight a bit.
Two typhoons affected mid China areas
seriously, around Sept 3-6(Mid China&
Korea) and Sept 13-15(Mid China) re-
spectively. Down Stream Yangtze Riv-
er ports and Ningbo/Zhoushan/Caojing
had been closed for 1-3 days for safe-
ty. It slowed down the efficiency and
caused additional cost. Shipowners
would seek higher freight for fixtures
fixed during those days.
CJK waiting time for the foreign ves-
sels continued to be well controlled.
For nearly all of the main ports from Ta-
icang to Nanjing in Downstream Yang-
tze River, the waiting time averaged
around 1-3 days at CJK. However, in
certain circumstances for some ports,
direct berthing was even available. The
main reason for the reduction in wait-
ing time at CJK was due to the fewer
arrivals of vessels. This had a mixed
influence on the market, as reduced
waiting time could weigh down on the
freight, while fewer arrivals tightened
space availability which underpinned
the freight. The two Typhoon men-
tioned above had caused some con-
gestion and delays, but this negative
influence had been resolved quickly. Yangtze River ports to load.
The average price of Marine Fuel 0.5% One main player Great Horse (GH) had
in Singapore in Aug is about USD761p- sold their whole chemical fleet includ-
mt, while it’s about USD685pmt in Sept ing the 9-10 small tankers. GH usually
which is about 10% down MoM, follow- and mainly load/discharge in Yangtze
ing the last month’s decrease at about River ports. So GH’s sudden absence
22%. This would be the main drive tighten the supply of space in the Yang-
which could persuade shipowners to tze River in short term.
lower the freight level.
For ARA direction, it also continued
However, the actual freight still kept to be very firm like the SEA. Upon the
in relatively high level in Sept for most writing time, there is nearly no space
trading lanes, except Intra-FEA. One available for October loading (espe-
of the main reasons can be that the cially for the 20-25kt size) due to the
spaces available in Mid-China (espe- arbitrage opening for Caustic Soda in
cially in Yangtze River) are always tight Europe.
due to less arrivals. Another reason is
shipowners are still in high sentiment. FOR WAF direction, upon the writing
On the other hand, the prices of most time not any Oct spaces can be avail-
products have met sharp decline in the able.
past months, which make charterers
unable to bear too much high freight. There’re nearly not any Oct spaces (2-
So, many Charterers are choosing to 3kt size) left which could do the busi-
postpone their export plan and takes a ness between Mainland China & Tai-
wait-and-see stance. wan.
As for export to Korea & Japan, the
market continued to be stable. Some
2kt & 3kt vessels which initially commit-
ted to the INTRA-FEA trade lane were
being sent to SEA to do the “North-
South” business. This also reduced
the space availability in FEA. Upon the
writing time, most of the shipowners
are working on second half October
cargoes.
Exports to SEA continued to keep
firm. At the time of writing, most of the
available space in October has already
been fixed. With the little amount of
October space available commanding
a premium. There’re more big parcels
of cargoes ex North China & Korea,
so many shipowners don’t want to call
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 Aug-22 Sep-22 % Change
¥230.00 1 kt ¥ 305.00 ¥ 310.00 1.60%
¥210.00 2 kt ¥ 255.00 ¥ 260.00 2.00%
3 kt ¥ 240.00 ¥ 245.00 2.10%
¥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 Aug-22 Sep-22 % Change
¥280.00
¥260.00 1 kt ¥395.00 ¥400.00 1.30%
¥240.00
¥220.00 2 kt ¥ 315.00 ¥ 320.00 1.60%
3 kt ¥ 275.00 ¥ 280.00 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 Aug-22 Sep-22 % Change
¥340.00
¥320.00 1 kt ¥ 450.00 ¥ 455.00 1.10%
¥300.00 2 kt ¥ 370.00 ¥ 375.00 1.40%
3 kt ¥ 335.00 ¥ 340.00 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 volumes
from Brazil and Argentina continued to
remain solid overall in September al-
though there was a bit of a slow-down
in the middle of the month. The soy-
bean oil prices were considered sig-
nificantly higher than palm oil so some
sales volume to India was 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. August’s overall export vol-
ume was close to 800K and Septem-
ber have ended up a little lower like
700-750K. Due to Russia’s continued
plans to invade Ukraine the exports of
sunflower seed oil from the Black Sea
have continued to be reduced and they
still face an uncertain future when Rus-
sia 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 ship-
ments ex Ukraine has led to increased
demand for alternative types of vegoil
in the Mediterranean and Northern
Europe which has led to more fixtures
Vegoil Rates Jul-22
ECSA/China (40K) 82
ECSA/W.C. India (34-40K) 74
ECSA/MED (25-30K) 70
8 ECSA/WCSA (15-18K) 62
from Brazil and Argentina to this region.
The water levels in Argentina were
seeing some degradation in August
however they may have seen some
slight improvements in September.
The available vessel draft upriver in
Argentina is often only about 28-29
feet which limits the owners to loading
only about 27-32,000mts. These ships
must then top-off with some volume ex
Brazil in order to get to the more tradi-
tional 40,000mts parcel size for desti-
nation India (or China). About 80% of
the overall September export volumes
from Brazil and Argentina continue 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 hasn’t happened in a few months.
During the past six months the Chi-
nese customers have mainly avoided
importing South American vegoils and
they have relied on the crushing of dry
beans and imports of oils from other
regions. There were also a couple
of fixtures in the 18-30,000mts range
from Argentina to Korea this month.
Aug-22 Sep-22 % Change
80 95 18.0 %
72 67 -6.90%
70 65 -7.10 %
60 65 8.30 %
The balance of this month’s export vol-
umes moved mainly to the Mediterra-
nean (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
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 Huel-
va-ARA range continues to be in the
25-30,000mts each. There are often
some additional volumes moving that
go unreported since they are lifting
on “oil majors” time-chartered ton-
nage. 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 like-
ly 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 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 $14-
18pmt 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 are showing signs of
going up again just as the clean market
has in September.
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 Septem-
ber 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. With the U.S. reliev-
ing some anti-dumping measures on
UAN imports, the imports from Trinidad
and Europe started 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
and a separate fixture that was sent
into 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 the first fixture done from Silla-
mae to the U.S. in the past few months.
In regards to the UAN produced in
Trinidad and Northern Europe, most of
those cargoes moved towards Europe,
Australia, Guaymas (West Coast Mex-
ico) and Brazil-Argentina range. Pric-
ing 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 drasti-
cally reduced due the war in Ukraine
Varna was noted to have made a ship-
ment of 32,000mts UAN which moved
to Rouen. In September there was at
least one fixture from the U.S. Gulf to
Brazil and/or Argentina for 18,000mts
of UAN. There was another 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 September by
about 100 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 about two dollars to the $42 USD
per ton level. 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
$60 USD per ton (and could be more)
based on the difficulties of getting own-
ers 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, things picked
up again and levels rose back above
300 World Scale. This produced
a time-charter equivalent of about
$32,000USD per day on the route from
ARA to the U.S. East Coast in Septem-
ber. The TC2 market has continued 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 current-
ly the “weak link” in the Atlantic Basin
clean petroleum market however levels
did pick up nicely in September. 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 200’s
and are closing out the month close
to the 200 World Scale level. The ex-
ports from the U.S. Gulf have slowed
and since this is the weakest market,
sometimes the owners prefer to look at
the U.S. Gulf to South America (East
and West Coast) as well as alternative
products like ethanol, caustic soda,
and UAN moving towards Asia and
Australia.
The Caribbean to U.S. East Coast clean
petroleum market (also called the “Up-
coast 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. August was not much
better and another 35 points were lost
to finish at WS 215. The month of
September has been outstanding for
the ship-owners and they have been
fixing World Scale numbers recently
as high as 370-390 in late September.
UAN Freight Rates 30K
Jul-22
Baltic/USEC-USG 43
BlackSea/USEC-USG 57
World Scale numbers in the 300’s are
exceptionally good but the ship owners
really need to piece together voyages
that don’t leave long ballast legs. The
Caribbean “Upcoast Market” provides
ship-owners with relatively “short voy-
ages” of less than a week sometimes,
which means turnaround is much bet-
ter. 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 Ca-
ribbean market lately however the al-
ternative products like UAN and Meth-
anol which ship mainly ex Trinidad can
help to keep the vessels moving. Most
of the methanol requirements ex Trin-
idad 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 destinations 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 tonnage. Cargo oppor-
tunities are relatively random in nature
in the Caribbean but they mainly come
from refineries and petroleum tank ter-
minals in Columbia 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 Li-
metree Bay Terminal in St. Croix which
is one of the largest oil and gas storage
facilities in the Caribbean has been re-
named Ocean Point Terminal.
%
Aug-22 Sep-22
Change
40 42 5.00%
57 60 5.20%
9
MOLASSES
The molasses shipping market in the
Americas continued to see some re-
gional activity in September. The At-
lantic Bay fixed 40,000mts molasses
from WC Central America to go back to
the U.K.-Cont range in late Aug / early
September range. The Stream Pacific
fixed about 12,000mts molasses from
San Jose to go to Stockton, Califor-
nia in early September dates. The K
Inset fixed 10,000mts molasses from
Coatzacoalcos to Panama City which
was also in end Aug / early Sept type
load dates. The same ship later in
Sept fixed 12,000mts molasses from
Coatzacoalcos to Port Esquivel. An-
other reported fixture was for 7,200mts
from Barahona to Baltimore in Septem-
ber load dates. The Gulf Mishref also
fixed 14,000mts molasses from Puerto
Cortes to Houston in September load
dates.
10
TALLOW
The market for yellow grease (YG) and
used cooking oil (UCO) from the East
Coast U.S. to Europe was relatively
quiet again this month. Similar to recent
trends, we again saw 1-2 requirements
quoted in the market in this direction
this month. However, similar to August,
there were no reported fixtures con-
cluded during the period. There were
rumors of a 2,500mts requirement in
the market ex US East Coast bound
for discharge in ARA for mid-Septem-
ber, but no fixture has been confirmed
concluded.
The U.S. Gulf and U.S. East Coast to
Caribbean tallow was relatively devoid
of activity this month.
Again in September, 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. Reports indicate at least
one fixtures concluded this month,
stemmed from the USEC and USG for
a combination of Tallow and UCO total-
ing in excess of 30kt.
PALM
The Palm Oil market ex SE Asia wit- Exports of Malaysian palm oil products
nessed an uptick in the month of Sep- for September 1-20 increase approx-
tember. Increased appetite for Palms imately 30% from the same period in
from key receiving regions in the India, August; which, was notably still down
EU, and China buoyed exports. Mean- ~10% year-on-year.
while slumping rival oil prices, weak-
ening energy prices, a mounting fears Looking ahead, the direction of the
over a recession fueled bearish sen- market remains ambiguous as we ap-
timents that drove Palm Oil futures to proach the final quarter of 2022. Lim-
the lowest levels witnessed in a year. ited palm production is expected to
keep benchmark pricing under pres-
The benchmark palm oil contract sure. However, seasonal demand from
for December delivery on the Bur- China ahead of mid-Autumn festival
sa Malaysia Derivatives Exchange combined renewed demand from India
dropped 6.85% to trade at 3,480 ring- in preparation for Diwali could keep fu-
git ($757.18) a ton on September 24th. tures prices in check while supporting
This decline was attributed to Indone- exports and freight rates.
sian efforts to regain market shares by
offering discounted prices following the
export bans, and export levies earlier
this year. However, futures prices may
be able to stem further declines due to
persistence labor shortages that would
limit production.
Palm Oil 30-40kt
$130.00
ex SE Asia
$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
GAS
LPG

CHEMICAL GAS

ANHYDROUS AMMONIA
 LPG
VLGC The VLGC market firmed significantly on both sides of the Suez thro-
ugh September. While the East hasd its fair share of fixtures, the West of the
Suez was the primary force driving rates. In the East, September opened fairly
active with inquiry and fixing from the AG. The position list came into September
mostly balanced for the AG. There was not a tremendous amount of fixing in the
first half of the month, nevertheless the cargoes that were in the market were met
with an adequate amount of tonnage. Ras Tanura to Chiba opened the month in
the low $60s pmt, however as more vessels pointed their bows West, coupled
with delays in Indian discharge ports, rates inched up into the mid-$60’s pmt ba-
sis late September laycans. The market took a brief pause around-month while
charterers awaited acceptances. During this period the he fixing window moved
out to early October. Rates for these dates pushed into the high $60s pmt, again
not because a large increase in fixing from the AG, but as a reaction the Western
premium. The elevated earnings in the West continued to encourage Owners
to ballast in that direction. Acceptances were released just after mid-month. The
acceptances were coupled with several Indian cargoes plugged into the market
as well. As a result, first half October laycans pushed rapidly into the mid to high
$70’s pmt. The acceptances tend to favor early dates in the month, and the
positions were already starting to tighten before the acceptances were even rele-
ased. In the final week of the month, market activity cooled off, but the clearing of
positions left charterers looking into the last decade of October for open tonnage.
As a result, despite the reduced activity the benchmark voyage was fixing in the
low $80s pmt.
The VLGC market in the West hovered around record levels of fixing for one
month by the end of September. Similar to the East, the market west of the Suez
opened with a decent amount of activity. However, contrary to the East, the
West was under supplied vessels for the fixing window, which was in the first half
of October to early on. At the start of the month, rates were in the low $100s
pmt basis Houston to the Far East for early October laycans. For Houston to
Flushing, Owners were looking for low-$60s pmt. As the fixing window moved to
mid-October, rates steadily increased into the mid-$100’s. Around mid-month,
a larger than expected build was reported by the EIA, which helped improve the
arb in both directions. The wider arb put the market into a flurry of fixing. Octo-
ber became very tight over just a week and rates jumped quickly into the mid to
high $120’s pmt for Houston to Chiba, and high $60s pmt basis Europe dischar-
ge. Once the fixing window approached late October, the position list was very
thin. So charterers were forced to push their loading windows into November.
Owners with positions were bullish and rates continue their upward trajectory.
At the time of writing the market took a breather, however rates were receding.
Last done in the final week of the month was fixed around $130 pmt for Asia, and
$70 pmt for Europe.
LGC
September was another typical month for the LGC segment. Not much to chew
on, but there was one fresh fixture that was notable. The Denver was fixed to
Energy Transfer after sitting idle for few weeks from the beginning of the month.
She loaded from Nederland on the 22nd of September, and pointed her bow to-
wards Flushing. Which means she’ll be back on the position list a in just a couple
of weeks, unless she finds something more permanent.

TCE Earnings / Baltic Spot Rates VLGC & LGC 12 Month T/C Indicator
$4.00 $140 $1,700

$3.50 $120 $1,500

$3.00
$100 $1,300
$2.50
$80
THOUSANDS

$1,100
Millions

$2.00
$60
$1.50 $900

$40
$1.00 $700

$0.50 $20
$500

$0.00 $0
$300

Baltic RT/Chiba PMT RT/Chiba TCE per month Hou/Flush TCE per month Hou/Chiba TCE per month VLGC LGC

12
Midsize / Handy

Both the handy and midsize segments seem to be moving sideways for last couple of months. Although spot LPG has not been overly producing, the ammonia
and petchem markets have kept both segments balanced and well employed. Both segments opened September on a slow bell, with many players in London for
a conference. Activity for the handy market picked up slowly throughout the month in the West. There was not an overwhelming amount of inquires but enough
to help employ a chunk of open tonnage Stasco fixed the Navigator Luga from Braefoot Bay with options in NWE for discharge, loading prompt. The Pacific Gas
was fixed to Trafigura for a short time charter, which it is believed she’ll load from Houston and deliver a cargo into West Coast Mexico. After some mystery around
the Navigator Scorpio, it was believed she was fixed for 6+6 to Marubeni delivering east of the Suez. The midsize market was a bit quieter. Two of Prime’s vessels
fixed away to Trammo for 3-6 month time charterers, delivering in early September. Also after some down time on the Eagle Ford Lady, she found business out of
Port Neches to WAF. Not much to speak of East of the Suez at the time of writing. The East lacked open positions for both segments, keeping spot activity muted.
Looking forward, both fleets should remain stable for the short to medium term.

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 had a relatively busy month compared to August
and July. Ethylene continues to be the more active product of this segment. The
ethylene market increased waterborne tons significantly. September reported
232.2 kt fixed, compared 138.5 kt in August. The principal change from August
to September was Houston coming back to life after a sluggish August, which
carried into early September as well. Although volumes ex-Houston were nearly
the same for August and September, October volumes are already showing 10kt
increase, and the month is not yet finished. Early in September, it looked as if the
ethylene market would continue to be subdued. However, two handy cargoes
were soon fixed from Europe to the Far East. The Navigator Triton and Navigator
Atlas were fixed to two traders both loading from Terneuzen and heading east.
This seemed to inspire the market a bit. Shortly after, ethylene prices in the US
dropped, while Asian prices firmed on the heel of improved buying interest sup-
ported by turnarounds in the region coming in October. The USG market reacted
quickly, and the second half of September figured itself out swiftly with the usual
players fixing multiple vessels. Once Enterprise was out of windows for Sep-
tember, attention pushed out to the first half of October. Once again, the usual
traders fixed multiple vessels. There was some conjecture that not all cargoes
were sold at the time of fixing for at least one of the traders. At the time of writing
there was still talks of October cargoes in the market, which at this point will likely
need to be covered by ballast tonnage. We count nearly a half dozen vessels
with intentions to discharge in the East. Which will lead to a much tighter market
in first half November for the USG. The question is, will this be a flash in the pan,
or is the Far East business back open? Ethylene prices in Asia began to weaken
at the time of writing so only time will tell.

The propylene market had a slight decrease from August to September. The
trans-Atlantic trade continued but not at the same levels seen in August. We
count 70.3 kt for September, which is just under 10kt down from August, which
finished up closer to 80kt. As previously mentioned, we count 5 trans-Atlantic
voyages for September from NEW, and the MED to the USG and Columbia.
Although this is a good number vessel fixed, the cargoes were a bit smaller and
carried on smaller semi-refs and pressure ships.

The C4 market moved sideways from August to September, with almost identical
months in fixtures and volume levels. September finished around 40kt, which is
just slightly up from August. The market saw the typical trans-Atlantic voyages
in the West. As well the short haul cargoes in the USG from Houston and Norco
down to ECM. As well as one Braskem cargo from Brazil to the Far East. In the
East, Pengerang was in and out of the market with a few C4 cargoes, which at
least one was fixed with Marubeni.
ANHYDROUS AMMONIA
The global ammonia market tightened in all regions as the price of natural gas in Europe forced widespread closures across Europe. The loss of regional supplies
and tons from the Baltic and Black Sea created a vortex of demand throughout Europe and North Africa. Exports from the Caribbean, USA, and Middle East shifted
dramatically to the Continent and MED and left shortages in other markets. As a result, FOB prices in the major hubs were firmly positioned above $1,000/t. Buyers
in the East were forced to compete with the escalated prices and in some cases had to slow or stop production. The export cargoes from Zhanjiang China provided
some relief to an otherwise very tight situation. We forecast the market dynamics that developed in September will remain through October.

On the shipping side, the increase in cargo ton miles has sparked a wave of new charters, particularly from Trammo and Trafigura.

FOB FOB FOB FOB CFR CFR $/MMBTU

Caribs Black Sea Baltic AG U.S.G. FEA HH Nat Gas
Jul-22 $1,045 $1,000 $960 $970 $1,100 $985 6.69
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 $900 8.40

Caribs Indonesia AG China Algeria Total

MTS MTS MTS MTS MTS MTS
Jul-22 275.0 215.0 362.0 0.0 94.0 946.0
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

15
 Black Sea
Yuzhny remained shut down through September despite a failed proposal by
the UN to allow ammonia to be piped to the port. The proposal was designed
to build on the good will established on the UN Agreement to ship wheat from
the Ukraine, but the latest rhetoric from Russia dispelled any 3rd party support.
The price index price for the Black Sea increased $30/t to $1,030 on the back of
strong, unsatisfied demand in Europe.
Baltic
The Baltic remained shut down in September and no new developments were
announced during the month. The price index for this supply hub increased to
$1,000 fob but that may be low based on the purchase of 15,000t by Grupa Azoty
of Poland at $1,310 cfr. European imports have become a driving force in the
global market as this segment’s price point is setting the fob price for supply hubs
across the globe.
Algeria
Exports from Algeria were subdued in September and totaled about 103,000t on
seven liftings. Product supply was split equally between Fertial and Sorfert and
all of the tons were sold into Europe. Fertiglobe lifted 50% of the volume on back
to back voyages on the Nashwan and a single lifting on the Navigator Genesis.
Trammo completed two voyages on the Navigator Galaxy and Trammo Paris for
discharge on the Continent while Yara completed two voyages on the Yara Kara
and Yara Sela.
Egypt
After a very robust August with three export cargoes, the Egyptian market cooled
in September. Abu Qir sold a single cargo (10,000t) to Yara for discharge at
Ambes on the Navigator Taurus. Operations at Ain Sokhna were reportedly
placed on hold therefore no cargoes were released.
Middle East
Middle East exports dropped slightly in September to 340,000t and sixteen lift-
ings. The total volume was down relative to last month despite the sharp uplift in
volume to Morocco which accounted for 25% of the total. Ma’aden led the suppli-
ers with four cargoes, equally split between Korea and Morocco. Surprisingly OQ
put three cargoes into the market; one from Salalah and two from Sohar. The rest
of the trader field lifted single cargoes. Fertiglobe’s Nova Scotia lifted a cargo
for Jordan while Muntajat’s Seashine and Sabic’s Seasurfer discharged parcels
in India. PIC lifted 10,000t on the Polar, for eventual discharge in Korea, while
Raintrade’s Hamburg DW and Trammo’s Gas Grouper loaded for Turkey. Trafig-
ura’s purchase of 25,000t from Sabic at $1,075 was the single, reported fixture
for the period. The cargo was loaded on the Ontario and discharged in Bulgaria.
The sale price matched Ma’aden’s last done at the close of August. The Middle
East Market was firm throughout September and will remain firm through October
16
as long as the price of natural gas in Europe restrains local production. To some
extent, the entry of low cost tons from China into the Indian market has enabled
Middle East producers to sell fob tons to other traders for supply to the West.
China
Exports from China continued to flow through September. Trammo’s Hong Jin
and Shanghai Linker’s Tanja Kosan completed back to back voyages while Mit-
sui’s Gaz Millennium loaded a single cargo for India. The total volume was about
51,000t. Product prices were reportedly in the $650 fob range early in the month
but escalated to $700 - $750 fob at the close. Domestic prices were estimated
at about $500/t which leaves plenty of margin for attractive export cargoes. As
noted earlier, the Chinese exports have supplemented the supply of Middle East
tons to India where Buyers have pushed for more volume at discounted prices.
Indonesia
The Vessel Line Up for Indonesia totaled 149,000t, down slightly from August
levels. One of the cargoes was lifted for Yara’s program in Europe. Despite the
drop in export tons, product prices continued to move upward with Mitsui selling
a cargo into Antwerp at $900 fob and Parna Raya following that fixture with a
$920 fob sale to OCP. Pupuk Indonesia’s Kaltim V plant remained out of service
through the period but all of the other producers reported smooth operations. We
forecast this market will remain firm through October in line with the other major
supply hubs.
U.S.A.
The U.S. export market continued to roll in September with four liftings. The
Yara Nauma loaded 14,000t at Freeport for discharge in Norway. The Navigator
Grace loaded 15,000t at Beamont for OCI / Fertiglobe. The Libramont loaded
at Freeport for Nutrien. The Sylvie loaded at Donaldsonville for Trammo with
discharge orders for Mexico.
Application activity was slow in September as producers finished their harvest
operations and prepared for the fall application season. Despite the extremely
low demand, product prices increased due to external demand and moved into
the $1,350 - $1,400 range in the cornbelt. Import prices increased to $1,175 cfr
when Yara and Mosaic agreed a $25/t increase for October. The contract in-
crease followed a single sale by Nutrien for an MGC cargo into NW Europe. The
spot price was reportedly $1,300 cfr or $1,260 - $1,270 fob Caribbean.
Trinidad
The September line-up for Trinidad was comparable to August levels and totaled
387,000t. Although the overall volume was similar to previous months, the distri-
bution was not, as 243,000t or 63% was lifted for Europe or Morocco.
Trinidad continued
Less than half of that volume, or 119,000t, was discharged in the USA and only
a single, MGC cargo was designated for Brazil. Product prices were initially es-
timated at $1,095 fob but escalated to $1,125 fob when Yara and Mosaic agreed
to a $25/t increase. The increase was considered low in comparison to the vortex
of demand coming from Europe and Morocco where local production has been
shut down. As a result, European fertilizer production has become dependent
on imported ammonia. We forecast European demand will drive firm market
conditions in Trinidad, the U.S. and the surrounding regions.

Asia
Asian imports dropped in September as cfr prices remained above commercial
viability for a percentage of the end users. Korean imports led the decline with a
58% drop in volume and India followed with a 38% reduction. Taiwan shipments
were flat but CPDC reported that it reduced operating rates to 40% in August.
Product prices were flat for the period and assessed at $900 cfr. The tug of war
between Western and Eastern Buyers is expected to continue through October.
FIXTURES
CHEMICAL

GAS

PERIOD
 CHEMICAL FIXTURES

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

CNR Indigo Ray 3,000 Acetic Acid China Tarragona 09/27/2022 10/07/2022 RNR
CNR Eva Fuji 3,000 Aniline China Tarragona 09/27/2022 10/07/2022 RNR
CNR Ace Tankers TBN 4,500 Benzene ARA USG 09/27/2022 10/07/2022 68.00
CNR NCC Dalia 6,500 Benzene Sikka Tarragona 09/26/2022 10/06/2022 RNR
CNR Trans Emerald 3,000 Benzene Lavera Tarragona 09/26/2022 10/06/2022 RNR
CNR Celsius Portsmouth 37,000 Biodiesel Houston Chile 09/27/2022 10/07/2022 RNR
CNR Nordic Maya 2,500 Caustic Potash Houston Barcelona 09/27/2022 10/07/2022 RNR
CNR Champion Pomer 40,000 Caustic Soda Corpus Christi Gladstone 09/27/2022 10/07/2022 RNR
CNR Lady Amanda 38,000 Caustic Soda USG Sao Luis 09/27/2022 10/07/2022 RNR
CNR Panagia Thalassini 30,000 Caustic Soda Mailiao USWC 09/27/2022 10/07/2022 RNR
CNR SC Mercury 27,000 Caustic Soda Mailiao Santos 09/26/2022 10/06/2022 RNR
CNR Scot Bayern 5,000 Caustic Soda Pajaritos Santos 09/26/2022 10/06/2022 RNR
CNR Shamrock Mercury 12,000 Caustic Soda Point Comfort Santos 09/26/2022 10/06/2022 RNR
CNR Stolt Ilex 11,000 Caustic Soda Pajaritos Mobile 09/26/2022 10/06/2022 RNR
Tricon Vessel TBN 12,000 Caustic Soda Point Comfort ARA 09/27/2022 10/07/2022 RNR
CNR Fairchem Integrity 9,000 Chems USG Durban 09/27/2022 10/07/2022 RNR
Vinmar SC Taurus 14,000 Chems USG WC India 09/27/2022 10/07/2022 94.00
CNR Star Ploeg 10,000 Cumene Huelva WC India 09/27/2022 10/07/2022 RNR
Mitsui SC Taurus 10,000 EDC Point Comfort Hazira 09/27/2022 10/07/2022 93.00
CNR Skarven 10,000 EDC Point Comfort Barcelona 09/27/2022 10/07/2022 RNR
CNR Torm Lene 38,000 ETBE Houston Chiba 09/26/2022 10/06/2022 RNR
KC & A Fuji Galaxy 18,000 Ethanol Tacoma Korea 09/27/2022 10/07/2022 RNR
CNR Linus P 20,000 Ethanol Paranagua ARA 09/01/2022 09/12/2022 RNR
Murex Linus P 18,000 Ethanol Mississippi River ARA 09/27/2022 10/07/2022 RNR
Marquis Vessel TBN 26,000 Ethanol USG UKC 09/26/2022 10/06/2022 RNR
 CHEMICAL FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

CNR Tarsus 2,500 KOH Taft ARA 09/27/2022 10/07/2022 RNR
CNR Southern Quokka 2,000 LAB Algeciras Durban 09/27/2022 10/07/2022 RNR
CNR Southern Quokka 1,500 LAB Algeciras Durban 09/26/2022 10/06/2022 RNR
CNR Star Ploeg 2,000 LAB Algeciras Kandla 09/27/2022 10/07/2022 RNR
CNR Stolt Stream 5,000 Lube Oil Pascagoula Santos 09/26/2022 10/06/2022 RNR
CNR Lea ATK 5,500 Lubes Pascagoula Mississagua 09/27/2022 10/07/2022 RNR
CNR Ardmore Chinook 18,000 Magnesium Chlor Emden Albany 09/26/2022 10/06/2022 RNR
CNR Bow Spring 1,500 MDI Ningbo Tarragona 09/26/2022 10/06/2022 RNR
CNR Bow Orion 10,000 MEG USG Yangtze River 09/27/2022 10/07/2022 95.00
CNR Chem Patriot 13,000 MEG USG Suape 09/27/2022 10/07/2022 RNR
CNR Nordic Maya 2,500 MEG Lake Charles Barcelona 09/27/2022 10/07/2022 RNR
Itochu SC Taurus 10,000 MEG Lake Charles Hazira 09/27/2022 10/07/2022 96.00
CNR Stolt TBN 10,000 MEG Corpus Christi Ningbo 09/27/2022 10/07/2022 90.00
CNR Chemroad Queen 31,000 Methanol Al Jubail Singapore 09/27/2022 10/07/2022 RNR
PMI Alcyone T 38,000 MTBE Houston ECM 09/27/2022 10/07/2022 24.00
CNR Skarven 2,200 Neodene New Orleans Algeciras 09/27/2022 10/07/2022 RNR
CNR Bow Explorer 7,000 Normal Paraffin Algeciras Brazil 09/26/2022 10/06/2022 RNR
CNR MTM Singapore 18,000 Palm Oil Indonesia Stockton 09/27/2022 10/07/2022 RNR
Vinmar SC Taurus 4,000 Phenol Houston WC India 09/27/2022 10/07/2022 RNR
Adisseo Bow Architect 3,000 Rhodimet Barcelona Paranagua 09/27/2022 10/07/2022 RNR
Adisseo Bow Explorer 3,500 Rhodimet Bilbao Paranagua 09/26/2022 10/06/2022 RNR
Adisseo Chem Amsterdam 3,500 Rhodimet Barcelona Philadelphia 09/27/2022 10/07/2022 RNR
CNR Dianella 40,000 Soybean Oil Argentina WC India 09/27/2022 10/07/2022 RNR
CNR DIEGO 5,000 Styrene Tarragona Perama 09/27/2022 10/07/2022 RNR
CNR Lia Ievoli 7,700 Styrene Tarragona Yumurtalik 09/27/2022 10/07/2022 RNR
 CHEMICAL FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

CNR Linus P 5,000 Styrene Carville ARA 09/27/2022 10/07/2022 RNR
CNR Mimmo Ievoli 7,000 Styrene Tarragona Gebze 09/26/2022 10/06/2022 RNR
CNR Celsius Monaco 19,000 Sulfuric Acid Huelva Mejillones del Sur 09/27/2022 10/07/2022 RNR
CNR Goby 19,000 Sulfuric Acid China Mejillones del Sur 09/27/2022 10/07/2022 RNR
CNR Ozden S 3,000 Toluene Barcelona Bizerta 09/27/2022 10/07/2022 RNR
CNR Ardmore Chinook 24,000 UAN Point Lisas Stockton 09/27/2022 10/07/2022 RNR
Proman Vessel TBN 24,000 UAN Point Lisas Rouen 09/26/2022 10/06/2022 RNR
CNR Chem Tiger 19,000 UAN Point Lisas Montreal 09/26/2022 10/06/2022 90.00
Eurochem Eldia 33,000 UAN Novorossisyk USEC 09/27/2022 10/07/2022 RNR
Agronova Vessel TBN 40,000 UAN Sillamae USG 09/27/2022 10/07/2022 RNR
Petroineos FPMC 27 40,000 Used Cooking Oil Nantong ARA 09/26/2022 10/06/2022 122.00
CNR SFL Elbe 15,000 Vegoil Itacoatiara Bejaia 09/27/2022 10/07/2022 RNR
CNR Stena Imperial 32,000 Vegoil Argentina Chittagong 09/27/2022 10/07/2022 RNR
CNR Torm Troilus 40,000 Vegoil Argentina & Brazil WC India 09/27/2022 10/07/2022 RNR
CNR Dorado 40,000 Vegoil Argentina & Brazil China 09/25/2022 10/05/2022 95.00
CNR Hafnia Topaz 28,000 Vegoil Argentina Korea 09/20/2022 09/30/2022 87.00
CNR Pacific Blue 40,000 Vegoil Argentina & Brazil WC India 09/15/2022 09/20/2022 67.00
CNR Easterly Falcon 22,000 Vegoil Argentina Casablanca 09/20/2022 09/25/2022 59.00
 GAS FIXTURES

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

Chinagas Pacific Dongying 44,000 LPG AG Far East 09/07/2022 09/08/2022 65.00
P66 BW Var 44,000 LPG Houston Far East 09/09/2022 09/10/2022 103.00
ATC Ocean Gas 44,000 LPG AG Far East 09/17/2022 09/18/2022 RNR
AGT BW Austria 44,000 LPG AG Far East 09/19/2022 09/21/2022 63.00
E1 Chinagas Glory 44,000 LPG AG Far East 09/20/2022 09/21/2022 RNR
BGN Fritzi N 44,000 LPG AG Far East 09/20/2022 09/22/2022 62.50
Sahara Tokyo 44,000 LPG Escravos Far East 09/21/2022 09/24/2022 RNR
Energy Trasfer Denver 33,000 LPG Nederland Options 09/22/2022 09/24/2022 RNR
OE Gas Al Negeh 44,000 LPG Yanbu Far East 09/22/2022 09/23/2022 61.50
Equinor Cobra 44,000 LPG AG India East Coast 09/23/2022 09/24/2022 63.00
Itochu Bu Sidra 44,000 LPG AG Far East 09/25/2022 09/26/2022 63.00
Mecuria BW Kizoku 44,000 LPG Marcus Hook Options 09/25/2022 09/30/2022 RNR
Petrogas BW Kyoto 44,000 LPG Prince Rupert Far East 09/25/2022 09/30/2022 RNR
Gas Umm Al
Gas Umm Al Rowaisat 44,000 LPG AG Far East 09/25/2022 09/28/2022 63.00
Rowaisat
BP Linden Pride 44,000 LPG Dampier Far East 09/25/2022 09/27/2022 67.00
Astomos Musanah 44,000 LPG AG Far East 09/25/2022 09/30/2022 61.00
Petrogas BW Carina 44,000 LPG Ferndale Far East 09/26/2022 09/27/2022 RNR
Unipec Gas Al Kuwait II 44,000 LPG Yanbu Far East 09/26/2022 09/27/2022 RNR
Unipec Umm Laqhab 44,000 LPG Yanbu Far East 09/26/2022 09/27/2022 62.00
Itochu Kikyo 44,000 LPG USG Options 09/27/2022 09/28/2022 105.00
ATC Gas Tigers 44,000 LPG AG Far East 09/28/2022 09/30/2022 67.00
BP Hellas Sparta 44,000 LPG Ferndale Far East 09/28/2022 09/30/2022 62.50
Gunvor Mistral 44,000 LPG Tanjung Sulong Far East 09/28/2022 09/30/2022 70.00
Chevron Morston 44,000 LPG Sanha Far East 09/28/2022 09/30/2022 RNR
BPCL BW Cedar 44,000 LPG AG Mumbai 09/30/2022 10/01/2022 70.50
 GAS FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

OE Pacific Binzhou 44,000 LPG Yanbu Far East 09/30/2022 09/30/2022 63.00
Mecuria Progress 44,000 LPG AG Far East 10/01/2022 10/02/2022 67.00
Pertamina Cratis 44,000 LPG Houston Far East 10/02/2022 10/03/2022 108.00
Equinor BW Brage 44,000 LPG Houston Options 10/03/2022 10/04/2022 106.50
Trafigura Umm Laqhab 44,000 LPG AG Far East 10/03/2022 10/04/2022 69.00
IOC Ayame 44,000 LPG AG India East Coast 10/04/2022 10/05/2022 81.00
HPCL BW Leo 44,000 LPG Mina Al Ahmadi India East Coast 10/04/2022 10/05/2022 83.00

OE Cougar 44,000 LPG Houston Far East 10/04/2022 10/05/2022 106.00

SK Gas Legend Prosperity 44,000 LPG Houston Options 10/04/2022 10/05/2022 104.00
ATC Caravelle 44,000 LPG AG Far East 10/05/2022 10/10/2022 75.00
BGN Vega Sea 44,000 LPG Houston Far East 10/06/2022 10/07/2022 RNR
BGN BW Magellan 44,000 LPG Houston Far East 10/07/2022 10/08/2022 107.00
BPCL Eternal Glory 44,000 LPG Mina Al Ahmadi India East Coast 10/07/2022 10/08/2022 78.00
Unipec Captain John NP 44,000 LPG USG Far East 10/08/2022 10/09/2022 108.00
BPCL Gas Young 44,000 LPG Yanbu India East Coast 10/08/2022 10/09/2022 75.00
Sonangol Passat 44,000 LPG Soyo Far East 10/08/2022 10/10/2022 82.00
FCC Yuyo 44,000 LPG AG Far East 10/10/2022 10/11/2022 75.00
Vitol Global Capricorn 44,000 LPG Das Island Far East 10/11/2022 10/12/2022 RNR
Petrochina Legend Prestige 44,000 LPG Houston Options 10/11/2022 10/12/2022 112.00
Gyxis Aquamarine Progress 44,000 LPG AG Far East 10/12/2022 10/13/2022 68.00
Total Gas Al Mubaraklah 44,000 LPG Darwin Far East 10/12/2022 10/13/2022 76.00
Shell Shergar 44,000 LPG AG Far East 10/12/2022 10/13/2022 74.00
Total Gas Al Ahmadiah 44,000 LPG AG Far East 10/13/2022 10/14/2022 78.00
OE Avance Levant 44,000 LPG Houston Far East 10/14/2022 10/15/2022 RNR
Gunvor Clipper Quito 44,000 LPG USG Options 10/14/2022 10/16/2022 RNR
 GAS FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

E1 Gas Scorpio 44,000 LPG AG Far East 10/14/2022 10/15/2022 68.50
Total Spread Eagle 44,000 LPG Houston Options 10/14/2022 10/15/2022 59.00
P66 Continental 44,000 LPG Freeport (bah.) Options 10/15/2022 10/16/2022 118.00
Pertamina Gas Capricorn 44,000 LPG Freeport (TX) Indonesia 10/15/2022 10/16/2022 115.50
FCC Monsoon 44,000 LPG AG Far East 10/15/2022 10/16/2022 83.00
Vilma Red Marauder 44,000 LPG Houston Options 10/15/2022 10/16/2022 RNR
BASF Motivator 44,000 LPG Houston Flushing 10/17/2022 10/18/2022 65.00
P66 Berge Nantong 44,000 LPG Houston Far East 10/19/2022 10/20/2022 113.00
Gyxis Crystal Asteria 44,000 LPG Houston Far East 10/20/2022 10/21/2022 112.00
Energy Transfer Gas Gabriela 44,000 LPG Nederland Options 10/20/2022 10/21/2022 118.00
Petredec Gas Summit 44,000 LPG Houston Far East 10/20/2022 10/25/2022 110.00
Vilma Laurel Prime 44,000 LPG Houston Options 10/20/2022 10/21/2022 118.00
Freepoint Berge Ningbo 44,000 LPG Houston Far East 10/22/2022 10/23/2022 116.00
Equinor Cobra 44,000 LPG AG Far East 10/22/2022 10/23/2022 79.00
Aygaz Doraji Gas 44,000 LPG Houston Options 10/22/2022 10/23/2022 121.00
Mecuria Ronald N 44,000 LPG Marcus Hook Options 10/22/2022 10/23/2022 117.50
E1 Gas Gemini 44,000 LPG AG Far East 10/23/2022 10/24/2022 73.00
Vitol BW Balder 44,000 LPG USG Far East 10/24/2022 10/25/2022 RNR
Unipec BW Freyja 44,000 LPG USG Far East 10/24/2022 10/25/2022 114.00
Unipec BW Yushi 44,000 LPG Houston Far East 10/24/2022 10/25/2022 114.00
Vilma BW Tokyo 44,000 LPG USG Options 10/25/2022 10/30/2022 RNR
ATC Corsair 44,000 LPG AG Far East 10/25/2022 10/26/2022 79.00
Vilma Oriental King 44,000 LPG USG Far East 10/25/2022 10/30/2022 RNR
Eneos Astomos Venus 44,000 LPG USG Far East 10/28/2022 10/29/2022 115.00
Repsol Gas Libra 44,000 LPG Houston Options 10/28/2022 10/29/2022 61.00
 GAS FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

Marathon BW Frigg 44,000 LPG USG Far East 10/30/2022 10/31/2022 116.00
Exxon Dorset 44,000 LPG Houston Options 11/01/2022 11/02/2022 130.00
FCC Future Diamond 44,000 LPG USG Far East 11/01/2022 11/02/2022 122.00
Energy Transfer Helios tbn 44,000 LPG Houston Far East 11/01/2022 11/02/2022 121.00
Energy Transfer Crystal River 44,000 LPG Nederland Options 11/02/2022 11/04/2022 124.00
Energy Transfer BW Aries 44,000 LPG Nederland Options 11/03/2022 11/04/2022 122.00
Energy Transfer BW Orion 44,000 LPG Nederland Far East 11/04/2022 11/05/2022 121.00
Sk Gas Comet 44,000 LPG Houston Far East 11/04/2022 11/05/2022 125.00
Repsol Jia Yuan 44,000 LPG USG Options 11/06/2022 11/07/2022 127.00
Energy Trasnfer Leto Providence 44,000 LPG Nederland Options 11/06/2022 11/07/2022 124.00
Total Summit River 44,000 LPG Houston Options 11/07/2022 11/08/2022 124.00
Gyxis Red Rum 44,000 LPG USG Far East 11/08/2022 11/09/2022 128.00
Gyxis Sea Bird 44,000 LPG Houston Far East 11/08/2022 11/09/2022 128.00
Petrochina BW Var 44,000 LPG USG Far East 11/09/2022 11/10/2022 127.00
Trafigura NS Frontier 44,000 LPG USG Options 11/11/2022 11/12/2022 128.00
SHV Tenna Kosan 3,000 Propane Lavera Malta 09/17/2007 09/19/2022 RNR
Cssa Emily Kosan 1,600 Propane Tees Options 08/26/2022 08/28/2022 RNR
Repsol Scali Del Pontino 1,900 Butane La Corunna Gijon 08/31/2022 09/01/2022 RNR
Vitol King Arthur 2,500 Propane Sines Mohammedia 09/01/2022 09/05/2022 RNR
Bulmarket Kirkby 6,500 LPG Ravenna Black Sea 09/06/2022 09/08/2022 RNR
Trafigura Knebworth 4,000 Butane Lavera Mohammedia 09/06/2022 09/08/2022 RNR
Stasco B Gas Maud 2,800 Butane Kaarstoe Moerdijk 09/07/2022 09/09/2022 RNR
Stasco B Gas TBN 2,800 Butane Kaarstoe Options 09/07/2022 09/09/2022 RNR
CSSA B Gas Monarch 1,800 Butane Kaarstoe Options 09/08/2022 09/10/2022 RNR
SHv Scali del Teatro 1,600 Propane Lavera Barcelona 09/09/2022 09/11/2022 RNR
 GAS FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

Exxon Epic St. Thomas 2,800 Butane Fawley Options 09/10/2022 09/11/2022 RNR
Petroineos Gaz United 4,000 Butane Lavera Options 09/10/2022 09/12/2022 RNR
Saras Epic Borinquen 4,000 Butane Sarroch Options 09/10/2022 09/12/2022 RNR
Exxon B Gas Margrethe 2,800 Isobutane Kaarstoe Options 09/11/2022 09/13/2022 RNR
ENI Gas Cerberus 2,000 Propane Gabes Med 09/12/2022 09/14/2022 RNR
SHV Marianne 1,700 Propane Tees Belfast 09/13/2022 09/15/2022 RNR
ENI Equinor TBN 2,800 Butane Kaarstoe Options 09/14/2022 09/16/2022 RNR
Klesch Emily Kosan 2,000 Butane Kalundborg ARA 09/14/2022 09/16/2022 RNR
Equinor B Gas Mariner 1,700 Propane Kaarstoe Poland 09/20/2022 09/25/2022 RNR
Exxon Ghibli 1,700 Propane Antwerp Poland 09/21/2022 09/23/2022 RNR
Irving Oil Sundowner 1,000 Butane Whitegate ARA 09/22/2022 09/24/2022 RNR
Exxon B Gas Maud 2,800 Butane Fawley Le Havre 09/22/2022 09/24/2022 RNR
Crossbridge Gale 1,000 Butane Kalundborg Fredericia 09/25/2022 09/27/2022 RNR
STASCO Navigator Luga 12,000 LPG Braefoot Bay NWE 09/25/2022 09/27/2022 29.00
Bullmarket Kirkby 6,600 LPG Ravenna Options 10/01/2022 10/05/2022 RNR
Select Energy Gas Cerberus 2,300 LPG Rijeka Abbot Point 10/01/2022 10/05/2022 RNR
SHV B Gas TBN 1,700 Propane Kaarstoe Options 10/06/2022 10/08/2022 RNR
ENI Epic Sardinia 4,100 Propane Gabes Naples 10/13/2022 10/15/2022 RNR
Ineos Seagas Loyalty 2,000 Raffinate Lavera ARA 09/01/2022 09/03/2022 RNR
Repsol Coral Alameda 4,500 Ethylene Tarragona Aliaga 09/02/2022 09/04/2022 RNR
ENI Happy Avocet 3,700 Ethylene Priolo Aliaga 09/03/2022 09/06/2022 RNR
Marubeni Clipper Helen 9,000 Ethylene Ruwais Far East 09/05/2022 09/08/2022 RNR
Marubeni Napa Spirit 5,500 Ethylene Ruwais Merak 09/05/2022 09/07/2022 RNR
Petkim Epic Salina 4,000 Crude C4 Aliaga Antwerp 09/05/2022 09/06/2022 RNR
Sabic Theresa Schulte 6,500 Propylene Al Jubail Yanbu 09/06/2022 09/07/2022 RNR
 GAS FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

BGN Deltagas 6,500 Ethylene Ruwais Port Qasim 09/08/2022 09/10/2022 RNR
Marubeni Epic Shikoku 5,500 Propylene CG Rotterdam Altamira 09/08/2022 09/10/2022 RNR
Mitsubishi Ellington 11,500 Ethylene Houston Far East 09/08/2022 09/09/2022 RNR
Braskem Arctic Gas 10,000 Butadiene Aratu Altamira 09/10/2022 09/15/2022 RNR
Marubeni Navigator Atlas 11,500 Ethylene Terneuzen Far East 09/12/2022 09/14/2022 RNR
Marubeni Navigator Oberon 11,500 Ethylene Houston Far East 09/14/2022 09/15/2022 RNR
Evonik Thalea Schulte 6,500 Butene 1 Antwerp Al Jubail 09/15/2022 09/17/2022 RNR
Mistubishi Othoni 5,000 Ethylene Pengerang Far East 09/15/2022 09/17/2022 RNR
Zuitop Bao Ze 3,000 Propylene Mailiao Fuzhou 09/15/2022 09/16/2022 RNR
Marubeni Ghibli 6,500 Ethylene Ruwais Far East 09/17/2022 09/19/2022 RNR
Sinocoast Gas Elixir 2,800 Crude C4 Pengerang China 09/17/2022 09/18/2022 RNR
Essar Coral Medusa 2,000 Propylene Stanlow Stanlow 09/18/2022 09/19/2022 RNR
Marubeni Eco Stream 4,000 Propylene Rotterdam Altamira 09/18/2022 09/20/2022 RNR
Petronas Astipalea 7,000 Propylene Kuantan Pasir Gudang 09/19/2022 09/21/2022 RNR
FCC Navigator Triton 11,000 Ethylene Terneuzen Far East 09/20/2022 09/22/2022 RNR
Marubeni Kithnos 6,500 Ethylene Ruwais Merak 09/20/2022 09/22/2022 RNR
Essar Coral Leaf 2,300 Propylene Stanlow Stanlow 09/21/2022 09/22/2022 RNR
Marubeni Pacific Venus 9,000 Ethylene Houston Far East 09/21/2022 09/22/2022 RNR
Marubeni Seapeak Unikum 6,500 Ethylene Rabigh Mesaieed 09/21/2022 09/22/2022 RNR
BGN Happy Condor 5,500 Propylene Terneuzen Columbia 09/22/2022 09/24/2022 RNR
FCC Happy Albatross 7,000 Propylene Terneuzen Options 09/22/2022 09/23/2022 RNR
BGN Deltagas 6,500 Ethylene Ruwais Ratnagiri 09/23/2022 09/25/2022 RNR
Marubeni Clipper Hebe 9,000 Ethylene Ruwais Far East 09/23/2022 09/25/2022 RNR
Shell Gaschem Pacific 9,000 Ethylene Houston Fos 09/23/2022 09/24/2022 RNR
Braskem Atlantic Gas 12,000 Butadiene Brazil Far East 09/27/2022 09/29/2022 RNR
 GAS FIXTURES (continued)

Invista Paros 5,000 Butadiene Antwerp Point Comfort 09/27/2022 09/30/2022 RNR
Mitsubishi Earth Summit 11,500 Ethylene Houston Far East 09/27/2022 09/30/2022 RNR
Vinmar Navigator Umbrio 11,500 Ethylene Houston Far East 09/27/2022 09/28/2022 RNR
Petronas Astipalea 7,000 Propylene Kuantan Pasir Gudang 09/28/2022 09/30/2022 RNR
Trafigura Kamilla Kosan 6,000 LPG Houston Morocco 09/28/2022 09/30/2022 RNR
BASF Emilius 11,500 Ethylene Houston Far East 10/01/2022 10/02/2022 RNR
Borealis Pacific Jupiter 9,000 Ethane Houston Stenungsund 10/01/2022 10/02/2022 RNR
FCC Balearic Gas 9,500 Butadiene Sines Houston 10/01/2022 10/05/2022 RNR
Vinmar Bering Gas 4,000 Crude C4 USG ARA 10/01/2022 10/05/2022 RNR
Vinmar Pacific Mercury 11,500 Ethylene Houston Far East 10/03/2022 10/04/2022 RNR
FCC Gaschem Atlantic 2,500 Butadiene Houston Altamira 10/04/2022 10/06/2022 RNR
BGN Gaschem Atlantic 4,000 Crude C4 Pajaritos Houston 10/06/2022 10/08/2022 RNR
Marubeni Gaschem Dollart 12,000 Ethylene Houston Options 10/06/2022 10/08/2022 RNR
Shell Theresa Schulte 7,000 Propylene Moerdijk USG 10/08/2022 10/10/2022 RNR
Vinmar Navigator Pluto 12,000 Ethylene Houston Far East 10/08/2022 10/10/2022 RNR
Litasco Gas Esco 3,500 Propylene Hamina Aliaga 10/10/2022 10/12/2022 RNR
Marubeni Clipper Hermes 9,000 Ethylene Houston Far East 10/10/2022 10/15/2022 RNR
Negromex Gaschem Arctic 3,000 Butadiene Houston Altamira 10/10/2022 10/12/2022 RNR
Marubeni Gaschem Nordsee 9,000 Ethylene Houston Far East 10/14/2022 10/16/2022 RNR
Vinmar Pacific Mars 11,500 Ethylene Houston Options 10/18/2022 10/20/2022 RNR
 PERIOD FIXTURES

3
CHARTERER VESSEL DWT/M PERIOD LAYCAN DELIVERY HIRE
Mercuria Shergar 84,000 18 mon 10/01/2022 10/15/2022 FEA RNR
Trammo Gas Grouper 35,000 3-6 mon 09/01/2022 09/15/2022 NWE RNR
Trammo Gas Manta 35,000 3-6 mon 09/01/2022 09/15/2022 NWE RNR
Trafigura Pacific Gas 22,129 20-40 dy 10/01/2022 10/10/2022 USG 690,000
Trafigura Dancing Brave 22,000 6+6 opt 09/25/2022 09/30/2022 Gib RNR
Marubeni Navigator Scorpio 20,500 12 mon 09/25/2022 09/30/2022 Suez RNR
BGN Gaschem Antarctic 17,000 6 months 10/01/2022 10/30/2022 Red Sea 575,000
Cepsa Epic Susui 11,000 30 day 08/27/2022 08/28/2022 Huelva RNR
Shara Epic Shikoku 11,000 30 day 10/01/2022 10/02/2022 USG RNR
Repsol Sophia Kosan 9,000 30 Day 09/25/2022 09/30/2022 Spain RNR
Petrobras Kempton 6,320 12+12 10/01/2022 10/15/2022 Brazil RNR
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