Spot VLGC freight rates are taking a fall entering the New Year as the market adjusts to more ships hitting the water and easing congestion.
Seaport Global Securities said Wednesday that spot VLGC rates on the major Arabian Gulf-Japan trade route have fallen 21% from a week earlier to $46,667 per tonne.
The Baltic Exchange’s assessment for LPG shipments on the similar Ras Tanura-to-Chiba route showed a similar decline, reaching $51,750 per tonne on 7 January from $63,000 per tonne as of 24 December.
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