航运日报-超大型液化气船（VLGC）液化石油气运费率达到11个月高点

Day AgoChangeWeek AgoYear AgoYTD 2025YTD 2024$43,700-2.3%$39,100$55,200$38,800$46,200$50,700-1.8%$46,000$63,700$46,100$54,800$52,100-1.5%$47,300$65,700$47,100$59,300$37,800-0.8%$37,900$43,000$39,300$44,900$40,800-0.7%$40,800$46,600$42,500$48,600$41,100-0.5%$40,800$48,200$43,000$50,700$32,4001.2%$35,000$47,400$34,900$47,600$35,0001.4%$37,600$50,600$37,700$51,000$35,4001.4%$37,800$51,700$38,200$52,700Day AgoChangeWeek AgoYear AgoYTD 2025YTD 2024$32,2003.4%$25,900$64,500$28,500$60,100$35,7003.1%$29,400$68,900$32,200$64,500$36,6003.6%$30,200$70,500$33,000$67,500$17,8000.0%$16,400$32,700$19,900$32,800$21,2000.0%$19,700$37,000$23,700$37,200$21,6000.0%$19,900$38,100$24,300$38,600Day AgoChangeWeek AgoYear AgoYTD 2025YTD 2024$15,700-1.3%$13,900$22,000$13,900$23,300$19,200-0.5%$17,600$27,200$18,200$28,500$20,000-1.0%$18,300$28,600$18,900$31,200$9,3000.0%$9,500$14,000$8,100$13,400$11,6000.0%$11,800$16,400$10,400$15,900$12,500-0.8%$12,700$17,400$11,000$17,900$9,7000.0%$9,600$15,200$8,300$13,800$12,4000.0%$12,300$17,400$11,000$16,100$13,100-0.8%$13,100$18,200$11,500$17,800Day AgoChangeWeek AgoYear AgoYTD 2025YTD 2024$4,0000.0%$4,000$27,000$4,000$29,000$15,000-6.7%$15,000$37,000$12,000$43,000$30,0000.0%$31,000$47,000$22,000$55,000$53,7007.3%$47,500$72,900$36,300$51,000$56,5006.9%$50,300$76,500$39,300$54,600$58,2006.9%$51,900$79,100$40,900$59,200Day AgoChangeWeek AgoYear AgoYTD 2025YTD 2024$2,8003.6%$2,500$4,900$3,500$3,900$3,9002.6%$3,500$6,000$4,600$5,300$2,2000.0%$2,200$4,900$3,100$4,200$3,3003.0%$3,300$6,000$4,300$5,400 Omar Nokta * | Equity Analyst1 (212) 778-8405 | onokta@jefferies.comJaeyoung McGarry * | Equity Associate(212) 778-8358 | jmcgarry@jefferies.comEmily Harkins * | Equity Associate+1 (212) 778-8584 | eharkins@jefferies.comVLGC spot shipping rates have continuedtosurprise higher on increased fixturevolumes in both the Middle East and USGulf markets. Together these two regionsrepresent 80% of LPG exports, with theUS holding a market share of 47% andthe Middle East at 33%. Spot VLGC rateshave surpassed $60,000/day for the firsttime since June 2024 and are well abovetheir year-to-date averages of $39,000/day and above their 12-month average of$43,000/day. US exports are up nearly 8%year-to-date despite previous uncertaintyontariffs and lower export arbitrage.Currently, US propane is priced $140/tonbelow that of the Far East while freightrates on the route are close to $120/ton.Freight currently represents over 80% ofthis export arbitrage, above its long-runaverage of 65-70%. Newbuilding deliverieshave slowed in 2025, with vessel additionsexpected to grow the VLGC fleet by 3%this year, down from 7% in 2024 and 12.5%in 2023. Supply additions pick up againin 2026 at 7.5% and again in 2027 at12.5%, but for now supply/demand lookstighter and the sector is moving through itsseasonally stronger period, which typicallyruns from April to November. Crude Tanker RatesChart 1 - VLCC Crude Tanker Spot Rates per day (eco).$0$20,000$40,000$60,000$80,000$100,000$120,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCChart 3 - Suezmax Crude Tanker Spot Rates per day (eco).$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000$80,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCChart 5 - Aframax Crude Tanker Spot Rates per day (eco).$0$20,000$40,000$60,000$80,000$100,000$120,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCPlease see important disclosure information on pages 8 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Jul-24Jul-24Jul-24 Product Tanker RatesChart 7 - LR2 Product Tanker Spot Rates per day (eco).$0$20,000$40,000$60,000$80,000$100,000$120,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCChart 9 - MR Product Tanker Spot Rates per day (eco).$0$10,000$20,000$30,000$40,000$50,000$60,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCPlease see important disclosure information on pages 8 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Jul-24Jul-24 Dry Bulk RatesChart 11 - Capesize Spot Rates per day (eco).$0$10,000$20,000$30,000$40,000$50,000$60,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCChart 13 - Kamsarmax Spot Rates per day.$0$5,000$10,000$15,000$20,000$25,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCChart 15 - Ultramax Spot Rates per day.$0$5,000$10,000$15,000$20,000$25,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCPlease see important disclosure information on pages 8 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. LNG & LPG RatesChart 17 - LNG Spot Rates per day (MEGI).$0$20,000$40,000$60,000$80,000$100,000$120,000$140,000Jan-24Apr-24Source: S&P Global Platts, Jefferies LLCChart 19 - VLGC Spot Rates per day (eco).$0$20,000$40,000$60,000$80,000$100,000$120,000$140,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCPlease see important disclosure information on pages 8 -