Again, it was proven how incredibly sensitive the VLGC market is. In our September report we explained how the Baltic dropped from high USD 50's to high USD 30's without any fixture to evidence it. In October there were a couple of spot fixtures just under mid 30's, thereafter the spot market slowly recovered with a couple of more fixtures. At the very end of the month mid USD 40's was fixed basis Ras Tanura/Chiba, and in short; the VLGC market looks rather strong during the remainder of 2007. But, there is a powerful thief that steals net margins from the Owners lately, viz. the IFO. The price has accelerated lately and IFO 380 stands at month end in the very high USD 400's at Fujairah.
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