航运日报-液化石油气现货价格继续悄然上涨

Day AgoChangeWeek AgoYear AgoYTD 2025YTD 2024$26,600-4.5%$32,900$35,500$38,300$46,100$33,400-3.6%$39,800$43,500$45,500$54,700$34,400-2.6%$41,000$44,700$46,500$58,800$32,7001.5%$33,300$48,700$38,700$45,000$35,6001.7%$36,300$52,100$41,800$48,700$35,9001.9%$36,600$53,000$42,300$50,700$34,7005.8%$28,800$55,100$34,600$47,900$37,3005.4%$31,400$58,200$37,500$51,200$37,7005.3%$31,800$58,900$37,900$52,800Day AgoChangeWeek AgoYear AgoYTD 2025YTD 2024$29,2000.0%$30,800$57,900$28,800$60,400$32,6000.0%$34,300$61,900$32,400$64,800$33,4000.3%$35,100$63,000$33,300$67,600$22,200-10.8%$24,600$42,600$20,200$33,300$25,700-9.7%$28,000$46,600$23,900$37,600$26,100-9.6%$28,400$47,400$24,500$39,000Day AgoChangeWeek AgoYear AgoYTD 2025YTD 2024$19,4006.2%$15,500$24,400$14,300$23,200$23,5005.5%$19,700$29,200$18,500$28,400$24,1005.4%$20,300$30,000$19,100$30,900$7,6000.0%$8,200$12,900$8,100$13,400$10,0000.0%$10,500$15,300$10,500$15,900$10,700-0.9%$11,200$15,900$11,100$17,700$9,2000.0%$9,500$13,800$8,400$13,900$11,9000.0%$12,200$15,900$11,100$16,100$12,500-0.8%$12,800$16,300$11,600$17,700Day AgoChangeWeek AgoYear AgoYTD 2025YTD 2024$4,0000.0%$4,000$30,000$4,000$29,000$14,0000.0%$14,000$40,000$12,000$42,000$26,0000.0%$29,000$52,000$23,000$55,000$52,6002.3%$51,400$68,500$37,800$52,700$55,4002.0%$54,200$71,900$40,800$56,400$56,9002.1%$55,800$73,900$42,400$60,700Day AgoChangeWeek AgoYear AgoYTD 2025YTD 2024$4,2004.8%$3,200$6,000$3,500$4,000$5,6001.8%$4,400$7,200$4,600$5,500$2,5008.0%$2,300$6,100$3,000$4,300$4,5002.2%$3,700$7,300$4,200$5,500 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.comVLGCspot rates remain the strongestamongcommodity shipping with TCErateshovering in the mid-$50,000/dayrange. Their year-to-date average is closeto $40,000/day, and they had peaked inmid-Mayat around$60,000/day.Givenall-inbreakeven for VLGC operators isinthe mid-to high-$20,000/day range,free cash flow is meaningful at currentrates. After their brief pullback in earlyAprilfollowing the erratic price swingsinpropane globally,VLGCs have beenwell-supported by a return of somewhat"normal" pricing dynamics. US export pricearbitrage is at highest point since February,with US propane priced at $155/ton belowprices in the Far East. This compares tothe low point of $80/ton in April, their full-month average of $95/ton in April and$135/ton in May. With the sector movingthrough its peak season that normally lastsinto October/November, VLGC spot ratesare likely to remain well-supported. 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-24Oct-24Jul-24Oct-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. .Source: Baltic Exchange, Jefferies LLC 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 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Jul-24Jul-24 .Source: S&P Global Platts, Jefferies LLCChart 20 - VLGC Annual Spot R