Oystein Kalleklev is not about to fall into the trap of spending cash on newbuildings at the top of the market.

The Avance Gas executive chairman told a conference call with analysts that his VLGC company will try to be “a bit smarter” than that.

The John Fredriksen-owned firm is sitting on cash and liquidity of $188m in strong freight markets.

Kalleklev said he regularly gets asked what he will do with what he called a “huge” sum of money.