Latvian likes LPG

Vitol-backed tanker owner Latvian Shipping would be interested in a return to the LPG vessel sector, but it is not in a position to order new ships now.

Director Paul Thomas said in an online conference that it would make the move "theoretically".

But on a practical level it would be difficult if the company bought only one or two vessels because it would not be a powerful player in the market, he said.

"LPG is cleaner energy which might replace coal and other less efficient fuels," Thomas added.

But the company needs to hold on to some of its $36m cash balance for banking covenants and for working capital.

Latvian has previously owned LPG vessels, but sold its two ships to Navigator Gas in 2011.