Solvang rides VLGC wave

Norwegian owner Solvang has boosted operating earnings as VLGC rates hit record levels in the first quarter.

15 May 2014 9:37 GMT Updated 15 May 2014 9:37 GMT

By Gary Dixon

It posted profit of NOK 15.7m ($2.65m) to31 March, up from NOK 10.7m in 2013.

But lower financial gains reduced netprofit to NOK 17.3m from NOK 24.1m.

The company said: “The first quarter turned out to be a volatileand exciting quarter for the LPG vessels, delivering an all-time high rate inthe VLGC segment, which in late April approached a doubling [$100,000 per day] ofthe previous record from 2008.”