BW LPG falls to loss as spot rates plunge

Singapore’s BW LPG has logged a loss in the second quarter as spot rates suffered.

The company said the net deficit to 30 June was US$55.6m, compared with a profit of $80.7m in the same period of 2015.

Revenue dropped to $121.8m from $189.6m, as VLGC time-charter equivalent rates averaged $28,100 per day, down from $46,600 in the comparable period of 2015.

LGC