Fearnley Securities has upgraded shares in VLGC market leader BW LPG amid expectations of a strong financial performance and its stock trading well below present asset values.

Analysts Espen Landmark Fjermestad, Peder Nicolai Jarlsby and Lars Konrad Johnsen raised the Oslo-listed shipowner from accumulate to buy this morning.

Shares in BW LPG raced up in response, climbing by close to one tenth in early trading Wednesday.