Singapore VLGC company BW LPG has posted a small drop in earnings for the fourth quarter as rates weakened.

The owner said net profit was $79.69m, against $82.01m in the same three months of 2015.

Revenue was slashed to $117.28m, compared to $191.85m the year before.

EBITDA decreased to $35.5m, from $111.3m in 2015, mainly due to depressed time-charter equivalent (TCE) income. 

The annual profit plunged to $23.63m