The VLGC spot market experienced a quieter week, with rates falling in both regions. Earnings on the Ras Tanura-Chiba route decreased by 23% from the previous week to $30,708 per day, although there were slight signs of recovery in rates from the Middle East Gulf by Friday.
2001 VLGC vessel sold for $48 million
This week, a 2001-built non-eco VLGC was sold for an impressive $48 million, as reported by Clarksons. This transaction underscores the liquidity and value retention in the second-hand LPG vessel market, providing reassurance to investors about the market's stability and appeal.
WinGD to unveil groundbreaking ammonia engine
In a positive development, noteworthy news has surfaced from the ammonia sector. Swiss engine maker WinGD has revealed plans to introduce its first fully tested ammonia engine by June 2025, marking a crucial step in the maritime industry's move towards alternative fuels. The ammonia engine project commenced in 2019 and has been in progress for six years. WinGD reports that nearly 30 orders for their ammonia-powered engines have already been placed for various vessel types, including gas carriers, bolstering confidence in ammonia's viability as a marine fuel. Competitors Wärtsilä and MAN Energy Solutions are also progressing with similar innovations, further aiding the transition.
Source: WinGD, Shippingwatch and Clarksons Research