The soaring VLGC spot freight market has hit a new record high from the Middle East Gulf.

The figure of $150 per tonne to move LPG into Japan beats the previous all-time high of $149 per tonne back in July 2014, Clarksons Research managing director Stephen Gordon told TradeWinds.

And time charter equivalent (TCE) earnings are also approaching a record level, with Friday seeing spot numbers jump to $134,846 per day, behind only the peaks of July 2014 and July 2015, when rates went just above $140,000 per day.