Clarksons Capital Markets placed VLGC rates east out of the Arabian Gulf at $97,100 daily today, up from $92,700 daily a week ago.

This took the year to date average on the route to $78,000 daily, against the average of $27,000 daily in the same period of 2014.

In a note to clients Erik Nikolai Stavseth of Arctic Securities said: “Despite March being a historically soft month for VLGC earnings, freight rates have soared over the last weeks.”

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