Very large gas carriers (VLGCs) suffered very weak third-quarter rates due to a raft of cargo cancellations.
Rates have bounced off those lows but the outlook for rates is tepid due to weak arbitrage economics and the glut of ship supply.
The Baltic Exchange’s index for shipping LPG from the Middle East to Asia reached a seven-year low of $18.40 per tonne in early September, which implies vessels were earning around $6,700 per day in the spot market.
