VLGC ship owners are facing an extremely difficult July amid continued reports that charterers are cancelling a number of LPG cargoes sourced from the US Gulf Coast, and Chinese customers are having difficulties fulfilling their end of supply contracts.
The strength of US exports, particularly to China’s petrochemical markets, has been cited as the major driver of tonne-mile demand for VLGCs, as well as the main reason for the huge influx of gas carrier newbuildings this year.
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