VLGC earnings are at the highest levels since February 2016 as ship supply in the Middle East Gulf drops following ballast movements to the US Gulf Coast.
The Baltic Exchange's assessment for spot freight rates to Asia settled just over $36 per metric tonne, equating to a time charter equivalent of around $25,500 per day.
As reported in Tradewinds, owners have been ballasting ships westward thanks to strong vessel demand in the US Gulf Coast for shipments to the Far East.
