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November
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
$190.00
Freight rates continued to climb during November on the Transatlantic Eastbound $180.00
trade. The peak was in the middle of the month when the rate for 5,000 tons simple $170.00
$160.00
chemicals from Houston to Antwerp was $110 pmt. For the balance of the month $150.00
$140.00
the rates levelled off. This boom was caused by heavy contract nominations, a tight $130.00
space situation in general, and charterers willing to pay up for the little space left $120.00
$110.00
for spot cargoes. There were no particular products dominating this trade, but the $100.00
lack of Russian supplied chemicals is a strong factor. Related to this situation was $90.00
$80.00
a fixture of 16,000 tons various grades of chemicals from US Gulf directly into the $70.00
$60.00
Baltic Sea. At the end of November, all December space was already gone. At the $50.00
end of the year, there is often a rally of cargoes moved around for tax and financial $40.00

reasons but that will only be possible this year if additional tonnage is going on
berth. It seems chances for additional tonnage are slim.
1,000mts 3,000mts 5,000mts
The US Gulf to the Mediterranean market was under the same dynamic as the mar-
ket to Northern Europe. 9000 MEG was fixed from Houston to Iskenderun at $100 Parcel Size Oct-22 Nov-22 % Change
pmt. 18,000 tons MEG from Geismar to Gebze was reportedly done as a rate close 1 kt $ 137.00 $ 180.00 31.40 %
to the same level. A couple of handy size full ship (37,000 tons) of Methanol was
concluded from Point Lisas to Tarragona, but the rate was not reported. 3 kt $ 95.00 $ 130.00 36.80 %
5 kt $ 84.00 $ 100.00 19.00 %
The transatlantic westbound market was also strong. 12,000 tons MTBE from Rot-
terdam to Houston paid $55 pmt.
USG - FEA
Transpacific $180.00
$170.00
$160.00
Space was also tight on the US Gulf to Asia trade for November loading. In the $150.00
$140.00
middle of the month it was all booked. Some tramp vessels are showing interest in $130.00
going on berth for December loading. We saw strong increases in freight rates in $120.00
$110.00
this direction as well during the month. 5,000 tons from Houston to Main Ports Asia $100.00
developed from $98 pmt in October to $115 in the middle of November. This level $90.00
$80.00
was maintained for the balance of the month. It is expected that at least these levels $70.00
will continue throughout December, but they could very well increase further. The $60.00
$50.00
dominate cargo was EDC, of which several big lots of 15,000 to 25,000 tons were $40.00
fixed. The rates were not reported, but believed to be close to $100 pmt, based on
several discharge ports. MEG was also fixed in this direction in 5,000 to 10,000 ton
lots. The rates were not reported, but believed to be similar to the EDC fixtures. 1,000mts 3,000mts 5,000mts

40,000 tons Mixed Xylene was fixed from Ulsan to US Gulf on an MR but the rate Parcel Size Oct-22 Nov-22 % Change
was not reported. 1 kt $ 157.00 $ 170.00 8.30 %
2,300 tons Chems was done from Houston to WC India at $155 pmt, and 4,000 tons 3 kt $ 123.00 $ 135.00 9.80 %
Chems from the Mississippi River to West Coast India paid $150 pmt. 5 kt $ 98.00 $ 115.00 17.30 %
2
Chemicals
USG - SAM
$180.00
$170.00
South America $160.00
$150.00
$140.00
In spite of somewhat healthy contract nominations, freight rates to South American $130.00
destinations dropped slightly in November relative to what it had been in October. $120.00
$110.00
But, it stabilized at that lower level for most of the month and then increased again $100.00
at the very end. This gave owners hope for a better December and perhaps even a $90.00
year-end rally. Spot volumes and activity were on the low side and there were more $80.00
$70.00
than enough space to cover it. A couple of 30,000 ton lots of Ethanol were fixed from $60.00
Santos to Northern Europe, but the rates were not reported. $50.00

1,000mts 3,000mts 5,000mts

Parcel Size Oct-22 Nov-22 % Change

1 kt $ 165.00 $ 160.00 -3.00 %
3 kt $ 140.00 $ 140.00 0.00 %
5 kt $ 137.00 $ 125.00 -8.80 %

The chemical tanker market has been very favorable to the owners most of this year. There are many opinions about how long this situation may last. There are
a number of factors which will have influence on that. The war in Ukraine and the Russian sanctions have increased the ton-mile requirements for product carriers
and chemical tankers. On the other hand some analysts think that the demand for vegoil shipments will decline, also in part due to the war in Ukraine. Others are
predicting an increase for Caustic Soda and Sulphuric Acid shipments. On the demand side it is fair to say that the picture is fuzzy. On the supply side it is clearer.
There are a lack of new buildings, in particular vessels with stainless steel tanks and swing tonnage has been drawn out of the chemicals and into CPP. The CPP
market for MRs was high during the summer, but cooled down again in the fall. It is now on the rise again, and this will draw additional tonnage out of the chemical
trade and into the CPP trade.

3
QA Singapore
NEA and Southbound
North-East Asia has been a mixed
bag. With China’s Covid-19 policies
still weighing down on economic sen-
timents, producers in the region have
had a gloomy outlook so far. This had
manifested in a rather sleepy intra-NE
Asian market with few spot require-
ments headed in this direction. Some
of the intra-Asian owners who serve
this tradelane have also looked to the
NEA-Southbound tradelane for em-
ployment opportunities.
China had loosened some of its Covid
restrictions for travellers in the first
half of November, with quarantines
for close contacts and visitors cut by
two days. The country had also ended
‘circuit breaker’ penalties for airlines,
and stopped tracing for ‘secondary
contacts’ of Covid cases. However, a
further loosening of restrictions has yet
to be seen, with measures in ports still
in place, and consequently delays still
being heard at ports in China.
COA renewal discussions are much
different this year as the tables have
turned in Owners’ favour over the past
year. As a result, some Owners have
been keener to work their vessels in
the spot market. Alternatively, some
owners have pushed up their rate ideas
in order to make up for the opportunity
cost of missing out in the spot markets.
With the winter months coming, we
could expect some tightness in the
market as weather related delays will
become more frequent. Some players
in the CPP trade are also hoping for a
year-end boost with the arrival of the
colder months. This could keep the
Owners of swing Handy-sized swing
4
tonnage busy in December. Looking
further into next year, the market is
weighing the impacts of the IMO’s new
EEXI and CII measures on the mar-
kets.
SEA and Northbound
South-East Asia has been more ac-
tive this month, with a steady stream
of spot requirements for both intra-SE
Asia and SEA-Northbound being seen.
However rates, have remained buoy-
ant as a retreat in bunker prices has
relieved some upward pressure on the
rates. Contractual renegotiations have
been also in the spotlight as Owners
weigh their options amid a very active
spot market. There have been also
discussions on how the IMO’s CII and
EEXI measures will shape the markets
when they come into effect in January.
On the Northbound tradelane, we had
seen several enquiries for aromatics,
base oils and specialty solvents. How-
ever, tonnage availability had been
mixed, with most of the intra-Asian
Owners have only had part space ton-
nage available for November. This had
left some of the larger stems uncov-
ered, being recirculated into the market
with revised dates. We had also seen
some charterers start to look at offers
to cover their requirements on multiple
ships. As at writing, there have been
some end-November and early De-
cember enquiries that have gone un-
covered, and the tightness in tonnage
is expected to lend some upward sup-
port on rates.
Intra-SE Asia had been busy with a lot
of CPP and aromatics being quoted in
the spot market. As with the North
bound tradelane, tonnage has been
tight with some cross-harbour require-
ments ex-Singapore and Malaysia be-
ing recirculated in the market. Rates
have been on an upward trend with the
tightness of the markets.
Indonesia had extended its crude palm
oil export levy waiver beyond 31st Oc-
tober 2022. However, buying activity
had not rebounded to pre-Diwali levels.
As a result we saw more open positions
Handy and MR sized “swing” tonnage
in the spot market. Some of the Own-
ers of these vessels have been able to
secure CPP or suitable chems cargoes
to load on these vessels. With the win-
ter months arriving, some are expect-
ing that the CPP market will be more
active towards the end of this year.
QA Dubai
Middle-East, Indian Subcontinent
November was marked by sustained
activity in the region. A steady stream
of spot requirements headed both to
the East and the West had given am-
ple employment opportunities for Own-
ers, and had kept spot tonnage options
tight. COA renewal season had begun
in earnest amidst very different market
conditions to the previous year.
In the COA renewal discussions, Own-
ers have been weighing between com-
mitting their tonnage to contract vol-
umes or working in the presently very
lucrative spot market. As a result, Own-
ers have been negotiating upward on
contract rates, in a bid to cover the op-
portunity cost of missing out on work-
ing their ships on spot volumes. Look-
ing forward, Charterers have been also
trying to get a feel of what the shipping
markets are like in the coming months
with some trying to see if the markets
will swing back in their favor.
Spot demand has been steady, as
mentioned earlier. The Westbound has
been mostly status quo with rates re-
maining at elevated levels as demand
outstrips supply due to the limited num-
ber of owners that serve the tradelane.
With the winter months arriving, we
should continue to see this tightness at
least into next month.
Out of the Red Sea there had been
several requirements for glycols head-
ed to East some of which have been
challenging to cover also due to tight
tonnage availability. Eastbound ex-ME
Gulf had been more mixed this month.
Though there was a steady stream of
requirements heading to East Asia,
some stems were tougher to cover as
it was challenging for some Owners
to meet the technical requirements of
some of the charterers. As a result, we
had seen a broader spread in rates be-
ing done.
The palms volumes ex-South-East
Asia are not as robust this month. Al-
though Indonesia had extended its
crude palm oil export levy, levels had
not come close to the pre-Deepavali
rush. As such, it has taken longer for
Owners to swing back MR and handy-
sized tonnage from the East into the
Middle East.
QA Shanghai
The Domestic market in November
was firm, with most shipowners already
starting to work their late December,
and even January positions. Larger
vessel’s (5kt dwt above) were being
worked faster than smaller size. Which
often required Charterers to enter the
market nearly a month in advance if
they wanted to find a suitable space.
The pandemic was spreading rapid-
ly and widely since early November.
Thus, it’s believed that the overall
downstream demand may not be that
strong as it’s seen outwardly. The firm
market may be due to that the market
players wants to sell more cargo within
2022. With the similar logic, the market
is also estimated to keep firm in Jan,
2023 when is the last month prior to
the Spring Festival (Jan 21-27) in Chi-
na. The market participants are always
inclined to build up their inventories
prior to the long holidays. However, it’s
unsure whether the firm trend can con-
tinue in Feb and afterwards.
The domestic prices of both “0# Die-
sel Oil” and the “IFO 180 low Sulphur
(0.5)” recorded a uptrend in the 1H
while downtrend in the 2H of Oct. The
former one is 6.42% down while the
latter one is 1.47% down comparing
with the beginning of the month. But
generally, the bunker price in China
has been hovering in high level since
March of this year, without big change.
The bad weather was having obvious
influence to the ports/vessels. Around
Nov 10-11, CJK and part of the down-
stream Yangtze River channel was
closed due to dense fog. In the last
several days of Nov, the cold weather in Singapore in Oct is about USD721p-
came from North China, and CJK ar- mt, while it’s about USD721pmt in Nov
eas are seriously affected again due to which is about 7% down MoM, follow-
heavy wind. ing the last month’s increase at about
5.86% MoM.
All the above factors were supporting
the freight and pushed it up obviously Ex Mid-China to Korea & Japan, the
in the period. market turned to firm for cargoes with
Dec loading date. Spaces were a bit
tight and the freight level can be usd5-
Export Market ex Mid-China: 10pmt higher than the past month.
As for the pilot policy in Yangtze River, Upon the writing time, most of the ship-
it became “16+5+7” since early Nov, owners starts to work on late Dec car-
while previously it’s 14+7+7. This is goes.
good news to release more pilot “avail-
abilities”. Pilot is not the only factor or For the SEA direction, spaces also
even not the main drive causing CJK continued to be tight, especially for
waiting now. The bad weather is play- small parcels. Upon the writing time,
ing a more important role sometimes in most shipowners are working on late
Winter season. Current CJK waiting is Dec cargoes, while some others starts
also better than Oct, about 1-3 days for to see Jan 1H cargoes.
most of the ports.
For J19 and HANDY size of the ARA di-
Since the end of October, China also rection, there can be some Dec spaces
started to try to relax the restrictions left, but not many. Shipowners are still
imposed against the 2019-Covid, es- quoting at least usd200s’ level even for
pecially to those coming from abroad. 10kt cargoes or more.
However, basically the country still
insists the “ZERO” policy in domes-
tic. Amid the continuous spreading
the pandemic across the country, the
policy may also be full of uncertainty.
But these uncertainties will support the
freight.
Prior to the year end, most of the mar-
ket players rushed to sell more car-
goes to secure the revenue. So, the
freight continued to stay at high level,
although the bunker price could weigh
down on it.
The average price of Marine Fuel 0.5%
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 Oct-22 Nov-22 % Change
¥230.00 1 kt ¥ 315.00 ¥ 330.00 4.80%
¥210.00 2 kt ¥ 265.00 ¥ 275.00 3.80%
3 kt ¥ 250.00 ¥ 260.00 4.00%
¥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 Oct-22 Nov-22 % Change
¥280.00
¥260.00 1 kt ¥405.00 ¥420.00 3.70%
¥240.00
¥220.00
2 kt ¥ 325.00 ¥ 335.00 3.10%
3 kt ¥ 285.00 ¥ 295.00 3.50%

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

¥500.00
¥480.00

03
¥460.00
¥440.00
¥420.00 NORTH TO SOUTH CHINA
¥400.00
¥380.00
¥360.00 Parcel Size Oct-22 Nov-22 % Change
¥340.00
¥320.00
1 kt ¥ 460.00 ¥ 475.00 3.30%
¥300.00 2 kt ¥ 380.00 ¥ 390.00 2.60%
3 kt ¥ 345.00 ¥ 355.00 2.90%
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 November
although the overall numbers were a
bit reduced in comparison to October.
The soybean oil prices were consid-
ered significantly 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 to-
wards China and Korea for the second
month in a row so that actually has
helped to maintain a healthy amount of
export activity from both Argentina and
Brazil. October’s overall export volume
was close to 800K and November has
ended up a little lower like 740-750K.
Due to Russia’s continued missile at-
tacks on the Ukraine the exports of
sunflower seed oil from the Black Sea
have continued to be reduced and they
still face an uncertain future whenever
Russia increases the severity of their
attacks. There have been at least 3-4
exports of this this product ex Ukraine
per month over the last few months.
The overall reduction 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.
Vegoil Rates Sep-22
ECSA/China (40K) 95
ECSA/W.C. India (34-40K) 67
ECSA/MED (25-30K) 65
ECSA/WCSA (15-18K) 65
8
The water levels in Argentina were
seeing some degradation in October
however they may have seen some
slight improvements in November.
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 November export volumes
from Brazil and Argentina continue to
move to the India-Bangladesh range.
There was at least one new fixture of
27,000mts vegoil fixed from Argentina
and Brazil to China and a second fix-
ture of 40,000mts which included vol-
ume to both Pyongtaek, Korea and to
China which shows that for the second
month in a row exports to Asia have
picked up. Going back just about 3
months ago the Chinese customers
mainly avoided importing South Amer-
ican vegoils and they were relying
mainly on the crushing of dry beans
and imports of oils from other regions.
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.
Oct-22 Nov-22 % Change
97 95 -2.06 %
75 78 4.00 %
68 68 0.00 %
67 82 22.40 %
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. No-
vember was a banner month with at
least 134,000mts (5 shipments overall)
confirmed from Argentina to ARA. In
2021 the monthly numbers were clos-
er to the 180,000mts levels so it is still
less however on the march upwards
closer to 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 appears to be the case as overall
fuel demand has now picked up going
into the winter months.
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 renewed Russian
attacks on Ukraine coupled with were
cooler temperatures have driven up
the clean petroleum freight rates in the
Atlantic basin once again. The over-
all vegoil freight levels have remained
strong over the past two months at
some of the highest levels seen since
the run-up on floating storage that de-
veloped back in April of 2020. These
are the highest vegoil freight levels
seen in the last ten years. The con-
tinuation 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 petroleum
market’s rise alone has been enough
to push up the freight rates from Ar-
gentina and Brazil to India and China
Year on Year by as much as $25-30pmt
which is a 40-50% increase for the year
depending on the destination.
The freight rates in November for
40,000mts vegoil from Argentina and
Brazil to WC India paid about high
$70’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 $640 USD/ton in Buenos Aires
in late November and this was a $90
USD/ton reduction in only one month’s
time. In regards to the Mediterranean
in November 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
$68 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 in the low $80’s USD
per ton level. The reported freight lev-
els on 25-30,000mts of FAME from Ar-
gentina to ARA or Huelva rose a few
dollars to be roughly in the mid $60’s
pmt range.
UAN
The UAN shipping market in Novem-
ber saw a decrease in imports of UAN
from both Sillamae and Novorosyssk to
the U.S. East Coast and U.S. Gulf after
they had seen an active July through
October stretch of 1-2 fixtures per
month out of each supply point. There
have been some UAN volumes fixed
from Sillamae to the U.S. West Coast
in November and some volume from
Trinidad fixed to the U.S. East Coast
and U.S. Gulf. The Johnny Trader
fixed 35,000mts UAN from Sillamae to
Portland, Oregon which was for load-
ing in late November dates. There was
a small cargo of about 5,000mts UAN
fixed from Varna to Tarragona on the
Manas. In regards to the UAN pro-
duced in Trinidad and Northern Europe,
most of those cargoes moved towards
Europe, Australia, 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 contin-
ued 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 a shipment of 32,000mts UAN
which moved to Rouen. In November
there was at least one fixture from the
U.S. Gulf to Brazil and/or Argentina for
15,000mts of UAN.
The UAN freight rates typically follow
the clean petroleum markets on the
routes to which they correspond. The
rates were so far not 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 November by
about 95 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 three dollars to the $45 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
$67 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 petro-
leum from Europe to the U.S.) achieved
a new high for 2022 achieving the WS
380 level which is the highest seen
since June when the levels hit 350.
The second half of 2022 has really
been a huge boost to CPP tanker own-
ers as the year started off on the weak
side at “WS 130”. It was a combination
of Ukraine war impact in addition to a
diesel shortage as well as cold weather
hitting Europe which propelled new de-
mand for MR tankers on both sides of
the Atlantic. This 380 World Scale lev-
el has pushed the time-charter equiv-
alents up to the $46,500 per day type
level. When you consider that these
ships were earning less than $20,000
per day in the first half of 2022 this is a
remarkable turnaround which will only
be sustained if demand for the move-
ment of CPP and other “bulk commodi-
ties” continues during the Winter.
The U.S. Gulf to Med or Continent-UK
clean petroleum rates for 38,000mts
of clean petroleum (also called the
“TC14” eastbound market) was usual-
ly the “weak link” in the Trans-Atlantic
market for most of 2022 with those lev-
els ranging from 80 back in January to
the 150-170 WS levels for most of the
year. They waivered back and forth in
the earlier parts of the summer closer
to 250 however September and Oc-
tober were only in the 170’s. Novem-
ber brought a major increase and the
rates have nearly doubled hitting World
Scale 300 by late November. There
was a run on diesel exports from the
U.S. Gulf to Europe for which 3-4 fix-
tures at least were noted and this as
well as the other regular demand was
enough to push the freight rates up
dramatically, as well as for other U.S.
Gulf destinations like Brazil (WS 445)
and Asia (LS 3 Mill).
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 and only ranged in the
270’s during the next few months.
UAN Freight Rates 30K
Sep-22
Baltic/USEC-USG 42
BlackSea/USEC-USG 60
November turned out to be a banner
month rising from WS 275 to 405 in
only a month’s time. The demand for
ships in the U.S. Gulf to go in all direc-
tions (Europe, Asia, Brazil, Chile-Peru)
made owners have more interest to
ballast up and get their next cargoes
ex U.S. Gulf. 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 Trini-
dad have helped to keep the vessels
moving. Most of the methanol require-
ments 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 destinations
like Europe and Australia but not all
that many to the U.S. once again this
month so the producers were able to
maintain their liftings on the time-char-
tered tonnage. Cargo opportunities
are relatively random in nature in the
Caribbean but they mainly come from
refineries and petroleum tank terminals
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 Limetree Bay
Terminal in St. Croix which is one of
the largest oil and gas storage facilities
in the Caribbean has been renamed
Ocean Point Terminal.
%
Oct-22 Nov-22
Change
43 45 4.65%
62 67 8.06% 9
MOLASSES
The molasses shipping market in the
Americas continued to see some re-
gional activity in November. There
was 18,000mts of beet molasses in
the market for late November load-
ing for Peter Cremer from Gdansk to
Montreal with no fixtures noted so far.
Peter Cremer was also in the market
for 10,000mts molasses from Tampico
to go to Houston in early December
load dates. EDF Mann was working
on another 10,000mts molasses to
ship from West Palm Beach (Florida)
to go to Quebec in November which is
a cargo that they have fixed a couple
of times in 2022 already. The Chem
Spica fixed about 18,000mts molasses
from San Jose to go to Stockton, Cal-
ifornia in early November dates which
was also for EDF Mann. The was also
a fixture of 14,000mts molasses fixed
from Puerto Cortes to go to Houston in
early November load dates but no ves-
sel or Charterer was reported.
10
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
late November dates ex Jacksonville,
however at the time of writing no such
fixtures have been reported as being
concluded.
Again in November, 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
Following an uninspiring start to the fi- This recovery was associated with in-
nal quarter of 2022, the Palm Oil mar- creases in the price of crude and rival
ket ex SE Asia gained some momen- soy oil, and recouped some of the loss-
tum in November. Albeit a bit off pace es posted in the previous session.
than prior to Diwali, renewed demand
from major receiving destinations in- Looking ahead, the direction of the
creased exports while futures pricing market remains uncertain as we ap-
vacillated. proach the final chapters of 2022. Mut-
ed demand is often seasonally expect-
As a result, exports overturned the ed as winter arrives in major palm oil
deficit witnessed in October with SGS consuming areas, while simultaneous-
reporting Palm Oil exports from Ma- ly the time frame when palm produc-
laysia in the first 4 weeks of Novem- tion is seasonally down would typical-
ber posting gains of nearly 4% (MoM) ly favor the bulls; however, mounting
from the same time frame in October. fears over a recession are still fueling
Notably this also represented nearly an some bearish sentiments.
11% decline from the levels witnessed
in the same timeframe in 2021.
Meanwhile, the benchmark palm oil
contract for December delivery on the
Bursa Malaysia Derivatives Exchange
climbed ~1% to trade at 4,086 ringgit
($916.14) per ton on November 25th.
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 continued to be bullish on both sides of the Suez through No- However, as activity picked up, and November sold out of vessels rather quickly,
vember. The market west of the Suez opened the month rather busy. The fixing the fixing window pushed into the first half of December. Owners were bullish on
window moved into early December, which was tight due to the high utilization rates, and levels reflected the same, pushing through the $130 pmt market be-
on both sides of the Suez, and growing delays at the Neo-Panama Canal. Early fore mid-month. As acceptances were released, and coupled with Indian char-
November had a limited amount workable vessels, which caused rush to cover terers entering the market, rates pushed further into the $140s pmt for first half
first decade cargoes. The run in fixtures for early December dates briefly pushed December laycans. The market took a small breather late in the month, with the
rates above the $190 pmt mark from the $180’s pmt seen in the previous week. second half December looking longer with a growing position list. With the delays
After this brief run the market took a short breather, and rates returned back to in the West at the Canal, Owners started to favor ballasting East, including tra-
the $180’s pmt on the back of narrower arbs. As the fixing window pushed into ders looking to relet their vessels. The length in the freight market, coupled with
mid-December arbs rebounded, and with a tight freight market, rates increased the relets now showing up on the position list put some pressure on rates, and
once again. Fixing levels flirted with the $200’s pmt mark over the week. The they returned backing the low $130’s pmt at the time of writing.
same market influences continue to drive rates. The West/East arb supports the
heightened levels, and the position list is dealing with heavy delays the Panama
Canal, keeping the position tight. Considering Owners are facing three week
LGC
A more active month than usual in the LGC segment. We do not see much action
delays North Bound and just over two weeks south bound, they must weigh their
in the market month to month, so when two fixtures are reported it is exciting.
options of either ballasting around the Cape or through the Suez, or risk expen-
Eastern Pacific locked up two of their ladies early in November. The Helsinki was
sive auction prices and waiting time at the Panama. Ultimately, this has caused
fixed for a short 60 to 90 day time charter to Trafigura at a bullish $1.5 million per
rates to continue to increase throughout the month. By month end, however,
month rate. Considering the VLGC market levels, and these vessels are able to
things cooled off it was less active in terms of fixing, which led to rates hovering
transit the original Panama Canal, Owners were able to fetch such a premium.
just north of $200 pmt. Moving into January, the arb to the East is bit tighter, but
On the longer term, Sahara fixed the Tokyo for 12 months, closer to the $1 million
there is little help from the position list. We will need to reevaluate over the next
dollar level. Both fixtures bring some clarity to the long and short term markets
couple of weeks where early 2023 will head.
for this segment
East of the Suez, opened on the quiet side compared to the West. Vessel supply
was already tight for November before the month even began, which helped
buoy rates through the first week of the month despite the lack of fixing. Rates
were in the mid $110’s pmt basis the benchmark voyage Ras Tanura to Chiba.

TCE Earnings / Baltic Spot Rates VLGC & LGC 12 Month T/C Indicator
$4.50 $160 $1,700

$4.00 $140
$1,500
$3.50
$120
$1,300
$3.00
$100
THOUSANDS

$2.50 $1,100
$80
Millions

$2.00
$60 $900
$1.50
$40 $700
$1.00

$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

The handy and midsize LPG markets continue to see sturdy employment. Over the last few months there has been an increase in trans-Atlantic LPG on smaller
vessels. Pressure vessels as well as sub 12,000 cbm semi-ref vessels have seen most of the fixtures. However, the handy market has also jumped into this business
as well. PetroIneos fixed the Celtic Gas from Houston to the Med loading early December. Also, the Balearic Gas was extended to Sahara which then performed a
trans-Atlantic voyage on time charter from Port Neches to Jorf Lasfar. With the VLGC market trading at record high levels, combined with th geopolitical issues in
the Med, these cargoes have become more frequent. In other business, there were a pair of Neste relets fixed in in Northern Europe. For term business, there was a
notable fixture on the Pacific Gas, which was locked up by OQ for 1 year at $780k pcm. Shifting to the midsize market, spot activity was non-existent on either side
of the Suez, due to lack of workable positions. For term business, the Nisyros Lady was extended to Geogas for 6 months, but at the time of writing the rate levels
were not known. The Eagle Ford Lady was fixed to Trafigura for 4 to 5 months, at around $35k per day. Trafi also has the Bakken Lady and Marcellus Lady on short
time charterers from back in October. Both segments are well employed through the remainder of the year, so earnings and rates will remain firm.

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 long haul petchem gas market remained active through November, with
C2 cargoes from the US continuing to dominate most discussions in the West.
However, there were a few interesting fixtures that popped up in other products
as well. Although ethylene has been the most active spot cargo from the US,
ethane seemed to be more active in November. Ethane is typically covered by
contracts or time charters, but last month we saw several spot fixtures out of
both Marcus Hook and Houston. This can be credited to a few things. First, there
are less handy and 17’s available due to the run to the East that has kept the
market tight over the last few months. This has led to more 12’s getting fixed for
the Atlantic, which requires more vessels to be fixed to cover the same volume.
The increased level of fixing for the 12’s, coupled with an increased appetite for
ethane in Europe, led to just under a half dozen spot ethane cargoes fixed in
November for varying dates. Ethylene still made some news, with the Kalolimnos
fixing Shell from Enterprise to Fos loading mid-December. In the East, there was
a Rabigh tender in the market later in the month, however it was rumored to be
canceled and fixed privately on a smaller vessel. At the time of writing, the de-
tails remained unclear.

The propylene market saw some increased activity this month. The market west
of the Suez continues to be more focused on shorter haul cargoes, such Repsol’s
Linda Kosan loading in Bilbao for ARA early in the month. Otherwise, there was
some discussions from the USG for the usual players, but again nothing came
from it. In the East, there were a pair of cargoes fixed from Kauntan to Petronas
for early and mid-month laycans, with options in SEA. Also, notably the Pacific
Venus was fixed to Marubeni from Ruwais to the Far East. Otherwise, there
were a couple cargoes form Al Jubail fixed to Sabic with discharge regionally and
in the Far East.

The C4 market had a slower first half of the month, but picked up momentum.
Negromex and Ineos fixed their usual Houston to Altamira cargoes for late month
laycans. While on the other side of the Atlantic, a few trans-Atlantic cargoes were
fixed to the usual charterers. One regular trader fixed a mid-November cargo on
the Kalolimnos, and forward fixed the Bering Gas for a January loader. Invista
fixed a 9,000 cbm UNIGAS ship for a mid-December cargo, and Shell was in with
the Zetagas loading late November. After making some news fixing a trans-At-
lantic cargo last month, Integra fixed an odd 2 port load on the Mygas, loading
in Al Jubail followed by ARA and destined for the USG. Also notable, a trader
fixed the Thekla Schulte from ARA to China, which comes as a surprise since this
business has not been done in almost a year.
ANHYDROUS AMMONIA
The global ammonia market was once again focused on the supply and price of natural gas in Europe. Gas prices in Europe started to drop at the close of last month
and continued through November. As a result, ammonia production was increased at Fertiberia’s plant at Huelva, OCI’s plant at Galeen, BASF’s plants in Antwerp/
Ludwigshafen, and throughout the Yara system. Demand for cargoes into NWE eased and pushed prices below October’s $1200 cfr levels. EuroChem purchased
a MGC cargo for end November delivery in Antwerp at $1,125 cfr and Borealis followed with a prompt 9,000 t cargo from Ameropa at around $1,150-1,175 cfr. A
third cargo, also purchased by Eurochem for December dates was fixed at $1,053 cfr. The decline in European imports also pushed prices down in the Middle East
where Abu Qir sold 10,000 tons to Yara at $1050 fob.

Similar to last month, product activity in the East centered on the supply of product from China. The availability of Chinese ammonia maintained downward price
pressure in the East where Dafeng cargos were reportedly sold into India at sub $900 cfr levels and a small Fuzhou cargo was sold for $818 cfr. Later in the month,
Petronas sold 7,000t ex Kerteh for loading on the Green Energy with a scheduled discharge in the US West Coast. The price was reportedly fixed slightly above the
market.

We forecast the global market will remain firm but downward price pressure will be present across all markets.

FOB FOB FOB FOB CFR CFR $/MMBTU

Caribs Black Sea Baltic AG U.S.G. FEA HH Nat Gas
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
Nov-22 $980 $990 $960 $935 $1,030 $970 5.35

Caribs Indonesia AG China Algeria Total

MTS MTS MTS MTS MTS MTS
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
Nov-22 295.0 161.0 338.0 73.0 112.0 979.0

15
 Black Sea
Yuzhny remained shut down through November but some encouraging news
was released at the end of the period. The Black Sea Grain initiative, which al-
lowed the export of grain from Odessa, Yuzhny, and Chernomorsk, was extended
for an additional 120 days. The agreement has opened the door for a similar
arrangement for ammonia exports out of Yuzhny. The nominal price range for
this market followed the trend in the other supply hubs and dropped about $100/t
to $970 - $1,010.
Baltic
Exports from the Baltic did not resume through November but the nominal price
range for this supply hub dropped to $930 - $985 fob, in line with the global trend.
Algeria
Exports from Algeria were comparable to October levels and totaled 112,00t on
seven liftings. Trammo and Fertiglobe were the leading traders and put three
vessels on berth. Yara was limited to a single lifting on the Navigator Taurus. As
expected, most of the volume moved into North Europe, the Baltic, and the U.K.
while the remainder was discharged in Turkey and the MED. No spot fixtures
were reported for the period but suppliers were reportedly seeking $1,100 fob
for potential cargoes. We forecast this market will remain firm in December but
downward price pressure is likely if European production continues to ramp back
up
Egypt
The Navigator Grace lifted 10,000 tons at Abu Qir in early November for Yara
with discharge in Portugal. Yara fixed a second cargo, also 10,000 tons, for late
December at $1,050 fob with discharge in Italy.
Middle East
The big news from the Middle East was the sale of 50,000t of blue ammonia to
Lotte for discharge in Ulsan Korea. The purchase was split into two 25,000t car-
goes from Ma’aden and Sabic. The fixtures represent the tip of the iceberg as
both Ma’aden and Sabic now report that they have the capacity to produce and
deliver sustainable quantities. Equally important, the sales were completed on a
formula basis which was commercially viable.
The November line up for the Middle East totaled 338,000t on 15 liftings. The vol-
ume was down slightly relative to October levels. Similar to the previous month,
the cargo allocation was extremely broad and included Ma’aden, Sabic, Munta-
jat, Trafigura, Trammo, Raintrade, OQ, and Mitsui. About 50% of the voyages
were destined for discharge in the West but the westward trend is expected to
slow in December as European production improves.
Production from the Middle East was constrained as Ma’aden’s MPC plant (1.1M
16
tons/yr) was down for the entire period and OQ’s plant (365,000t/yr) was closed
for the first half. No spot sales were reported during the period but contract prices
dropped from $825 fob - $820 fob. Our assessment of the spot market was re-
duced from $1050 to $935 on the basis of flat demand in the East and declining
opportunities for cargoes going to the West. We forecast the Middle East market
will remain firm in December but experience price pressure as European produc-
ers come back on line.
China
Exports from China increased from 65,000t in October to 74,000t in November
and continued to influence product prices in the East. Trammo’s Gas Utopia lifted
the first cargo of the month at Nanjing and sailed for India. The company’s Hong
Jin loaded a second cargo, also from Nanjing, and sailed to Caojing. Henan En-
ergy loaded a full cargo in Zhanjiang on the Gas Grouper and Marubeni loaded
7,000t on the Navigator Scorpio. SK Trading sold two cargoes ex Dafeng for
November and December loading. The first will load on the Camila B for dis-
charge in Paradip. The netback price ex Dafeng is estimated in the mid- to high
$700 fob range with $100/t allocated for freight. The Vast Ocean loaded a 3,800t
cargo at Fuzhou at the end of November for discharge at Isabel, Philippines. The
ship is also scheduled for a second cargo for discharge at CPDC, Taichung. We
forecast that Chinese exports will continue to grow through the close of 2022 and
the start of 2023, particularly as the main traders have not taken longer term ton-
nage. Product prices are expected to follow the global trend but maintain a slight
discount relative to other origins.
Indonesia
Suppply from Indonesia was comparable to October levels with the Kaltim V plant
(891,00t/y) down for repairs and the PAU plant (690,00 t/y) and Parna Raya Plant
(550,000 t/y) operating at capacity. Exports totaled 161,000t for the period, down
from October’s record level of 194,000t. Most of the November voyages ser-
viced S.E. Asia, Far East, and India but two long haul cargoes to the West were
reported at the start of the month. As noted in the report for the Middle East, we
forecast a drop in demand from Western buyers and downward price pressure
as the number of outlets diminishes. Despite the shift in demand, this market is
expected to be firm for the close of the year but at lower price levels.
Trinidad
Exports from Trinidad totaled 295,000t on ten liftings, down from October’s
340,000t level. The gas constraints which started in October continued in No-
vember and subsequently slowed production to 85% capacity. Capcity increased
to 95% at the close of the month and is expected to remain at this level into the
close of the year. Cargo allocations were split between Koch, Nutrien, and Yara.
Demand from Europe was not as prevalent as previous months but supplies to
the US remained steady. We forecast this market will remain firm despite down-
ward price pressure.
Asia
The big news for the Asian market was Lotte’s purchase of 50,000t of blue am-
monia from Ma”aden and Sabic. The purchase was viewed as a growing trend
for the general Asian market but particularly for Korea and Japan.

With regards to the current supply of gray ammonia, demand from India was
robust. The Indian government’s subsidy for P&K fertilizers for the Rabi season
was approved for $6.275 billion, up from the budgeted amount of $2.54 billion.
Product margins were reportedly slightly lower than the previous program. Mar-
ket price levels were set when SK Chemicals sold two cargoes ex Dafeng for dis-
charge into Paradeep at about $860 – 880 cfr. IFFCO purchased a Petronas car-
go on the Navigator Glory for a mid-month delivery at a comparable price level.

In South East Asia, Petronas reported the sale of a 7,000t cargo to Koch for dis-
charge in Stockton, California. The cargo was loaded on the Green Energy and
reportedly fixed at a slightly above market rate.

U.S.A.
Exports from the USA continued in November. The Pasco Odin loaded a full
MGC cargo for Trammo at Donaldsonville at the start of the month for discharge
in Morocco. The Navigator Genesis loaded a Handy size cargo from OCI for
Fertiglobe at about mid-month. The Winnipeg loaded an MGC cargo at Geismar
at mid-month for Nutrien and is scheduled to discharge in Chile. The Yara Sela
loaded a Handy cargo for Yara’s system in Norway.

The direct application season in the US continued through November with prices
comparable to October levels. Cornbelt prices remained in the $1300 - $1400/
ton fob range through the period. The U.S. harvest continued ahead of the five-
year average with the corn crop 93% complete and soybeans 97% complete at
mid-month. Both crops were trending about 5% ahead of the average rate.

Import prices dropped $120/t through the period and were settled at $1,030 cfr
Tampa.
FIXTURES
CHEMICAL

GAS

PERIOD
 CHEMICAL FIXTURES

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

ICC TRF Mandal 2,000 2EH Houston Lavera 11/14/2022 11/24/2022 RNR
CNR Stolt Cobalt 4,200 Acetic Acid Qinzhou Santos 11/28/2022 12/08/2022 RNR
CNR Chem Tiger 3,000 Alpha Olefins Houston Algeciras 11/28/2022 12/08/2022 RNR
CNR Azra S 3,000 Benzene Stanlow Tarragona 11/28/2022 12/08/2022 RNR
CNR Sude-S 3,000 Benzene Gonfreville Tarragona 11/28/2022 12/08/2022 RNR
CNR Fairchem Restio 12,000 Canola Oil Vancouver Buenaventura 11/14/2022 11/24/2022 RNR
CNR Castor 37,000 Caustic Soda Mailiao Brazil 11/14/2022 11/24/2022 RNR
CNR Falesia 3,000 Caustic Soda Lavera Barcelona 11/28/2022 12/08/2022 RNR
CNR Hellas Revenger 30,000 Caustic Soda Plaquemine Sao Luis 11/14/2022 11/24/2022 RNR
CNR Liesel Essberger 5,500 Caustic Soda Rotterdam Bilbao 11/28/2022 12/08/2022 RNR
CNR Navig8 Gratitude 38,000 Caustic Soda USG Brisbane 11/28/2022 12/08/2022 RNR
CNR Nord Harmony 40,000 Caustic Soda Tianjin Kwinana 11/14/2022 11/24/2022 RNR
CNR Nord Ventura 30,000 Caustic Soda Lake Charles Vila do Conde 11/14/2022 11/24/2022 RNR
CNR Owl 5 7,500 Caustic Soda Antwerp Barcelona 11/28/2022 12/08/2022 RNR
CNR Panagia Thalassini 30,000 Caustic Soda Mailiao Vancouver 11/28/2022 12/08/2022 RNR
CNR Stena Imagination 40,000 Caustic Soda Qingdao Bunbury 11/28/2022 12/08/2022 RNR
Tricon Chem Barcelona 16,000 Chems USG Baltic 11/14/2022 11/24/2022 85.00
CNR Purple Ray 3,000 Chems USG ARA 11/28/2022 12/08/2022 160.00
CNR Purple Ray 5,000 Chems USG ARA 11/14/2022 11/24/2022 RNR
CNR Oriental Jasmine 3,000 Cumene Huelva Rabigh 11/28/2022 12/08/2022 RNR
CNR Chem Spark 3,000 Cyclohexane Corpus Christi Castellon 11/28/2022 12/08/2022 RNR
Tricon Formosa Thirteen 25,000 EDC USG FEA 11/28/2022 12/08/2022 RNR
Oxyde SC Virgo 15,000 EDC USG FEA 11/28/2022 12/08/2022 RNR
CNR Veronica DP 8,000 EDC Antwerp Barcelona 11/28/2022 12/08/2022 RNR
KC & A Ardmore Chinook 22,000 Ethanol Tacoma Subic Bay 11/14/2022 11/24/2022 RNR
 CHEMICAL FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

Raizen SC Virgo 21,000 Ethanol USG FEA 11/28/2022 12/08/2022 RNR
CNR Stena Image 30,000 Ethanol Santos ARA 11/28/2022 12/08/2022 RNR
CNR TBN 30,000 Ethanol Santos ARA 11/14/2022 11/24/2022 RNR
CNR Stolt Maple 2,500 Ethanol Karachi Valencia 11/14/2022 11/24/2022 RNR
CNR Torm Splendid 38,000 Ethanol Brazil San Francisco 11/14/2022 11/24/2022 RNR
CNR Chem Ranger 3,000 KOH Houston Barcelona 11/28/2022 12/08/2022 RNR
CNR Bow Persistent 2,750 LAB Algeciras Durban 11/14/2022 11/24/2022 RNR
CNR Nave Velocity 15,000 Lubes Richmond Antwerp 11/28/2022 12/08/2022 RNR
CNR TRF Mandal 12,000 Lubes Houston WC India 11/14/2022 11/24/2022 RNR
ADM Fairchem Conquest 5,000 Lysine Houston Tarragona 11/14/2022 11/24/2022 RNR
CNR Bow Lind 3,000 MEG Yanbu Algeciras 11/28/2022 12/08/2022 RNR
CNR Bow Lind 8,000 MEG Yanbu Barcelona 11/28/2022 12/08/2022 RNR
Helm Chemical Hunter 9,000 MEG Lake Charles Iskenderun 11/14/2022 11/24/2022 100.00
CNR MTM Shanghai 18,000 MEG Geismar Gebze 11/28/2022 12/08/2022 RNR
CNR Stolt Sun 2,000 MEG Lake Charles Barcelona 11/28/2022 12/08/2022 RNR
CNR Caroni Plain 37,000 Methanol Point Lisas Med 11/28/2022 12/08/2022 RNR
CNR Grande Riviere 37,000 Methanol Point Lisas Med 11/28/2022 12/08/2022 RNR
CNR Jipro Isis 37,000 Methanol Punta Europa Med 11/28/2022 12/08/2022 RNR
CNR Leikanger 38,000 Methanol Point Lisas Tarragona 11/14/2022 11/24/2022 RNR
CNR NCC Shams 38,000 Methanol Al Jubail Dongguan 11/14/2022 11/24/2022 RNR
EDF Mann Chem Spica 18,000 Molasses Acajutla Stockton 11/28/2022 12/08/2022 RNR
CNR Odfjell TBN 25,000 MTBE Rotterdam Singapore 11/28/2022 12/08/2022 69.00
CNR Solar Tine 12,000 MTBE Rotterdam Houston 11/28/2022 12/08/2022 52.00
CNR Stolt Focus 12,000 MTBE Rotterdam Houston 11/14/2022 11/24/2022 55.00
Tauber Maritime Guardian 40,000 MX Korea USG 11/14/2022 11/24/2022 94.00
 CHEMICAL FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

CNR Bow Agathe 7,000 Normal Paraffin Algeciras Brazil 11/14/2022 11/24/2022 RNR
CNR Bow Harmony 5,500 Normal Paraffin Algeciras Brazil 11/28/2022 12/08/2022 RNR
CNR Bow Harmony 3,700 Normal Paraffin Algeciras Brazil 11/14/2022 11/24/2022 RNR
CNR Fionia Swan 8,000 Normal Paraffin Algeciras Becancour 11/28/2022 12/08/2022 RNR
CNR Fairchem Conquest 1,500 Olefins Houston Algeciras 11/14/2022 11/24/2022 RNR
CNR Kaimon Galaxy 8,000 Paraffin Wax China Long Beach 11/14/2022 11/24/2022 RNR
PQS Taranger 30,000 Paraxylene Singapore Suape 11/14/2022 11/24/2022 RNR
CNR Solar Catie 23,000 PME Indonesia Peru 11/14/2022 11/24/2022 RNR
CNR Challenge Procyon 37,000 Renewable Diesel Singapore USWC 11/14/2022 11/24/2022 RNR
CNR Solar Catie 24,000 Renewable Diesel Singapore Peru 11/28/2022 12/08/2022 RNR
Adisseo Chem Barcelona 3,000 Rhodimet Bilbao Philadelphia 11/14/2022 11/24/2022 RNR
CNR Ardmore Endeavour 26,000 SME Argentina Antwerp 11/14/2022 11/24/2022 61.00
CNR Clearocean Mary 26,000 SME Argentina ARA 11/14/2022 11/24/2022 57.00
CNR Maritime Meridian 26,000 SME Argentina Rotterdam 11/28/2022 12/08/2022 RNR
CNR Pacific Cobalt 26,000 SME Argentina ARA 11/14/2022 11/24/2022 57.50
CNR Ardmore Endeavour 30,000 SME Argentina Antwerp 11/14/2022 11/24/2022 RNR
CNR Torm Republican 20,000 Soybean Oil Argentina Come By Chance Bay 11/14/2022 11/24/2022 RNR
CNR Ievoli Shine 7,500 Styrene Tarragona Gebze 11/28/2022 12/08/2022 RNR
CNR Med Canary 5,000 Styrene Tarragona Antwerp 11/28/2022 12/08/2022 RNR
CNR Fairchem Falcon 17,000 Sulfuric Acid Huelva Jorf Lasfar 11/14/2022 11/24/2022 RNR
CNR Kaimon Galaxy 24,000 Sulfuric Acid Zhangjiagang Mejillones del Sur 11/14/2022 11/24/2022 RNR
CNR Kiso 31,000 Sulfuric Acid Zhangjiagang Mejillones del Sur 11/14/2022 11/24/2022 RNR
CNR MTM New Orleans 34,000 Sulfuric Acid Onsan Mejillones del Sur 11/14/2022 11/24/2022 RNR
CNR MTM New York 32,000 Sulfuric Acid Onsan Mejillones del Sur 11/28/2022 12/08/2022 RNR
CNR MTM Newport 30,000 Sulfuric Acid Onsan Mejillones del Sur 11/14/2022 11/24/2022 RNR
 CHEMICAL FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

CNR Songa Winds 18,000 Sulfuric Acid Huelva Aratu 11/28/2022 12/08/2022 RNR
Agronova Johnny Trader 35,000 UAN Sillamae Portland 11/28/2022 12/08/2022 RNR
CNR Manas 5,000 UAN Varna Tarragona 11/28/2022 12/08/2022 RNR
CNR Santiago I 37,000 Used Cooking Oil Xiamen Huelva 11/14/2022 11/24/2022 RNR
Diamond Green SC Draco 36,000 Used Cooking Oil Yangtze River New Orleans 11/28/2022 12/08/2022 145.00
Diamond Green Vessel TBN 30,000 Used Cooking Oil Tianjin New Orleans 11/14/2022 11/24/2022 170.00
Diamond Green Womar TBN 18,000 Used Cooking Oil Dongguan New Orleans 11/14/2022 11/24/2022 211.00
CNR Ardmore Encounter 40,000 Vegoil Argentina Kandla 11/14/2022 11/24/2022 RNR
CNR NCC Damman 27,000 Vegoil Argentina China 11/14/2022 11/24/2022 98.00
CNR NCC Yanbu 40,000 Vegoil Argentina WC India 11/14/2022 11/24/2022 67.00
CNR Nord Victorious 40,000 Vegoil Argentina WC India 11/14/2022 11/24/2022 58.00
CNR Pacific Tamerlane 40,000 Vegoil Argentina Pyongtaek 11/28/2022 12/08/2022 RNR
CNR Shogun 40,000 Vegoil Argentina EC India 11/14/2022 11/24/2022 RNR
CNR Stena Immaculate 40,000 Vegoil Argentina WC India 11/14/2022 11/24/2022 68.00
 GAS FIXTURES

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

Inpex Lily Promenade 44,000 LPG Darwin Far East 11/09/2022 11/09/2022 RNR
ATC Shergar 44,000 LPG AG Far East 11/15/2022 11/16/2022 123.00
STASCO B Gas Maud 44,000 LPG Kaarstoe Options 11/17/2022 11/19/2022 RNR
Astomos Gas Al Ahmadiah 44,000 LPG Darwin Far East 11/20/2022 11/21/2022 106.50
Chinagas Yamabuki 44,000 LPG Tanjung Sulong Far East 11/20/2022 11/25/2022 170.00
ATC Gas Scorpio 44,000 LPG AG Far East 11/23/2022 11/24/2022 109.00
Petrogas BW Kizoku 44,000 LPG Prince Rupert Far East 11/25/2022 11/30/2022 120.00
Petredec BW Lord 44,000 LPG AG Far East 11/25/2022 11/26/2022 110.00
Petredec Gas Aries 44,000 LPG AG Far East 11/25/2022 11/30/2022 95.00
Astomos Yuhsan 44,000 LPG AG Far East 11/25/2022 11/26/2022 119.00
Equinor Cobra 44,000 LPG AG Far East 11/26/2022 11/27/2022 RNR
BGN Cratis 44,000 LPG AG Far East 11/28/2022 11/29/2022 99.00
Mecuria Motivator 44,000 LPG Marcus Hook Options 11/28/2022 11/29/2022 98.00
ATC BW Loyalty 44,000 LPG AG Far East 11/29/2022 11/30/2022 123.00
ATC Pacific Hong Kong 44,000 LPG AG Far East 11/29/2022 11/30/2022 130.00
FCC Gas Leo 44,000 LPG AG Far East 12/01/2022 12/05/2022 115.00
Gunvor Sinndar 44,000 LPG Algeria Far East 12/01/2022 12/02/2022 151.00
OE Sea Bird 44,000 LPG AG Far East 12/02/2022 12/09/2022 143.00
Shell Caravelle 44,000 LPG AG Far East 12/06/2022 12/07/2022 133.00
Sinochem Reggane 44,000 LPG USG Far East 12/06/2022 12/07/2022 185.00
Itochu Bu Sidra 44,000 LPG AG Far East 12/07/2022 12/08/2022 145.00
Equinor BW Odin 44,000 LPG USG Far East 12/07/2022 12/10/2022 185.00
Repsol Pyxis Pioneer 44,000 LPG USG Far East 12/07/2022 12/08/2022 180.00
Oriental Energy BW Balder 44,000 LPG Houston Far East 12/08/2022 12/09/2022 165.00
Eneos Globe BW Orion 44,000 LPG USG Far East 12/08/2022 12/09/2022 192.00
 GAS FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

HPCL BW Leo 44,000 LPG AG India East Coast 12/09/2022 12/10/2022 5.3 Mil
BPCL Gas Zenith 44,000 LPG AG India East Coast 12/09/2022 12/10/2022 6.3 Mil
Bora Pacific Binzhou 44,000 LPG USG Far East 12/11/2022 12/12/2022 185.00
Petredec Vega Sea 44,000 LPG Houston Far East 12/11/2022 12/12/2022 184.00
ATC Crystal Asteria 44,000 LPG Ras Tanura Far East 12/12/2022 12/13/2022 139.00
ATC Gas Al Kuwait II 44,000 LPG AG Far East 12/12/2022 12/15/2022 RNR
ATC Kodaijisan 44,000 LPG AG Far East 12/12/2022 12/14/2022 143.00
BGN Gas Capricorn 44,000 LPG AG Far East 12/13/2022 12/14/2022 145.00
Inpex Hellas Hercules 44,000 LPG Darwin Far East 12/13/2022 12/14/2022 159.00
ATC Morston 44,000 LPG Yanbu Far East 12/14/2022 12/16/2022 145.00
Axpo BW Aries 44,000 LPG Far East Far East 12/16/2022 12/17/2022 182.00
Equinor Sarv Shakti 44,000 LPG AG Far East 12/17/2022 12/18/2022 145.00
IOC Gas Al Mubarakiah 44,000 LPG AG India East Coast 12/18/2022 12/20/2022 149.50
Equinor Gas Tigers 44,000 LPG AG Far East 12/18/2022 12/19/2022 146.00
IOC Ocean Gas 44,000 LPG AG India East Coast 12/18/2022 12/20/2022 149.50
Gunvor Passat 44,000 LPG USG Far East 12/18/2022 12/19/2022 172.00
Vilma Dorset 44,000 LPG Houston Far East 12/20/2022 12/21/2022 179.00
Petredec NS Frontier 44,000 LPG Houston Far East 12/20/2022 12/23/2022 180.00
EPT Ronald N 44,000 LPG USG Far East 12/20/2022 12/21/2022 212.00
Shell Pyxis Alfa 44,000 LPG AG Far East 12/21/2022 12/22/2022 138.00
Vitol BW Brage 44,000 LPG USG Far East 12/22/2022 12/23/2022 RNR
Pertamina BW Carina 44,000 LPG Freeport (TX) Far East 12/22/2022 12/23/2022 199.00
Gyxis BW Libra 44,000 LPG Houston Far East 12/24/2022 12/25/2022 199.00
BGN BW TBN 44,000 LPG Houston Far East 12/25/2022 12/26/2022 186.00
Keegen Clipper Victory 44,000 LPG USG Far East 12/25/2022 12/30/2022 191.00
 GAS FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

BGN BW Magellan 44,000 LPG USG Far East 12/26/2022 12/30/2022 185.50
Total Gas Gemini 44,000 LPG Houston Far East 12/26/2022 12/27/2022 197.00
Unipec Eneos Explorer 44,000 LPG USG Far East 12/27/2022 12/28/2022 187.00
Freepoint Berge Nantong 44,000 LPG USG Far East 12/29/2022 12/30/2022 189.00
BGN Corvette 44,000 LPG USG Far East 12/29/2022 12/30/2022 180.50
BGN Shahrastani 44,000 LPG Houston Far East 01/01/2023 01/02/2023 197.00
Vilma Berge Ningbo 44,000 LPG USG Far East 01/02/2023 01/03/2023 RNR
BGN Mistral 44,000 LPG Houston Far East 01/02/2023 01/03/2023 201.00
Gyxis Gas Gabriela 44,000 LPG Houston Far East 01/13/2023 01/14/2023 207.00
Petroineos Elisabeth 1,000 Butane Grangemouth Le Havre 11/16/2022 11/18/2022 RNR
Exxon Ghibli 1,400 Propane Fawley NWE 11/03/2022 11/05/2022 RNR
FCC Vortex 1,600 Propane Sarroch Albania 11/12/2022 11/14/2022 RNR
Klesch B Gas Mariner 1,600 Butane Kalundborg Fredericia 11/25/2022 11/27/2022 RNR
Sacor Epic Saint Ivan 1,700 Propane Sines Leixoes 11/19/2022 11/20/2022 RNR
SHV Seagas Loyalty 1,700 Propane Tees NWE 11/27/2022 11/29/2022 RNR
Sibur Gas Spirit 2,000 Propane Ust-Luga Gdynia 11/01/2022 11/03/2022 RNR
ENI B Gas Maud 2,400 Propane Tees Gdynia 11/05/2022 11/07/2022 RNR
Exxon JS Lekvar 2,800 Butane Fawley Options 11/11/2022 11/12/2022 RNR
STASCO B Gas TBN 2,800 Butane Kaarstoe NWE 11/17/2022 11/19/2022 RNR
Total B Gas Margrethe 2,800 Butane Kaarstoe Options 11/20/2022 11/21/2022 RNR
STASCO Eco Dream 2,800 Butane Tees ARA 11/21/2022 11/23/2022 RNR
Total B Gas Margrethe 3,000 Butane Tees Options 11/10/2022 11/12/2022 RNR
Sahara Epic Borinquen 4,000 LPG Lome Options 11/03/2022 11/04/2022 RNR
SHV Knebworth 4,000 LPG Lavera Turkey 11/04/2022 11/06/2022 RNR
Cepsa PGC Eirini 4,000 Propane Lavera South Spain 11/05/2022 11/07/2022 RNR
 GAS FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

Cepsa Happy Pelican 4,000 Butane Agadir Huelva 11/19/2022 11/21/2022 RNR
Trafigura Happy Albatross 4,000 Butane Tees Morocco 11/24/2022 11/26/2022 RNR
Petrineos PGC Eirini 4,000 Butane Lavera Tunisia 12/01/2022 12/05/2022 RNR
Aramco Theresa Schulte 6,000 Butane Houston Terneuzen 11/19/2022 11/21/2022 RNR
Energia Kingston 6,000 LPG Houston Far East 12/01/2022 12/03/2022 RNR
FCC Theresa Schulte 6,500 LPG Houston Med 11/15/2022 11/17/2022 RNR
PetroIneos Celtic Gas 12,000 LPG Houston Med 12/01/2022 12/05/2022 RNR
Sabic Antikithira 6,500 Propylene Al Jubail Yanbu 11/01/2022 11/05/2022 RNR
Repsol Linda Kosan 1,600 Propylene CG Bilbao ARA 11/02/2022 11/04/2022 RNR
Petronas Astipalea 6,000 Propylene Kuantan Pasir Gudang 11/04/2022 11/06/2022 RNR
Braskem Happy Avocet 6,500 Butadiene Aratu USG 11/11/2022 11/13/2022 RNR
Petronas Seapeak Cathinka 3,500 Propylene Kuantan Options 11/14/2022 11/16/2022 RNR
FCC Kalolimnos 5,000 Butadiene Flushing USG 11/15/2022 11/17/2022 RNR
Integra Mygas 6,500 Butadiene Al Jubail USG 11/20/2022 11/22/2022 RNR
Marubeni Pacific Venus 9,000 Propylene Ruwais Far East 11/20/2022 11/25/2022 RNR
Shell Zetagas 4,400 Butadiene Moerdijk Altamira 11/22/2022 11/24/2022 RNR
Total Happy Penguin 2,500 Propylene Antwerp Gonfreville 11/22/2022 11/24/2022 RNR
Borealis Happy Albatross 6,500 Ethane Marcus Hook Stenungsund 11/25/2022 11/30/2022 RNR
Sabic Happy Osprey 6,500 Propylene Jubail Far East 11/25/2022 11/30/2022 RNR
FCC Gaschem Atlantic 2,500 Butadiene Houston Altamira 11/26/2022 11/28/2022 RNR
Kolmar Thekla Schulte 6,600 Butadiene ARA Far East 11/30/2022 12/02/2022 RNR
Negromex Happy Peregrine 3,000 Butadiene Houston Altamira 12/01/2022 12/05/2022 RNR
Ineos Clipper Hebe 9,000 Ethane Marcus Hook NWE 12/01/2022 12/05/2022 RNR
Ineos Clipper Hermod 9,000 Ethane Houston Stenungsund 12/08/2022 12/01/2000 RNR
Shell Kalolimnos 9,000 Ethylene Houston Fos 12/10/2022 12/15/2022 RNR
 GAS FIXTURES (continued)

CHARTERER VESSEL QUANTITY CARGO LOAD DISCHARGE LAYCAN RATE

Total Gaschem Pacific 9,000 Ethane Marcus Hook Antwerp Late Dec RNR
Vinmar Ellington 11,500 Ethylene Houston Far East Late Dec RNR
Mitsubishi Pacific Mars 11,500 Ethylene Houston Options Late Dec RNR

PERIOD FIXTURES

CHARTERER VESSEL DWT/M3 PERIOD LAYCAN DELIVERY HIRE

Mecuria Chinagas Glory 84,000 12 month 12/28/2022 01/05/2023 Atlantic RNR
BB Energy Yamabuki 82,000 12 month 01/01/2023 01/31/2023 TBD 950,000 pcm
ATC Gas Scorpio 78,000 12 month 12/25/2022 12/30/2022 AG RNR
Sahara Tokyo 60,000 12 month 11/14/2022 11/16/2022 WAF 950,000 pcm
Trafigura Helsinki 60,000 60-90 day 11/01/2022 11/10/2022 Atlantic 1,500,000 pcm
Trafigura Eagle Ford Lady 38,000 4-5 month 11/01/2022 11/10/2022 Gib 35,000 pd
Geogas Nisyros 35,000 6 month ext. 11/14/2022 11/16/2022 TBD RNR
OQ Pacific Gas 22,129 12 month 11/01/2022 11/03/2022 USG 780,000 pcm
Sahara Balearic Gas 22,000 30-60 day 11/14/2022 11/15/2022 USG RNR
Carib LPG Kirkby 11,000 2-3 month 11/20/2022 11/25/2022 Gib RNR
Sahara Epic Salina 11,000 30 day 11/14/2022 11/15/2022 Med RNR
Repsol Chelsea 9,500 10-25 day 11/04/2022 11/05/2022 TBD RNR
Repsol Coral Alameda 8,506 30 day 11/01/2022 11/10/2022 Med RNR
Repsol Epic Beata 7,540 15-30 day 11/20/2022 11/30/2022 Spain RNR
Cepsa PGC Eirini 7,000 15-30 day 11/01/2022 11/03/2022 Gib RNR
FCC Gas Houston 6,389 6 month 11/14/2022 11/16/2022 Med RNR
Inovyn Eco Corsair 3,500 3 year 02/01/2022 02/28/2022 NWE RNR
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