Norwegian shipbroker Fearnleys believes the record VLGC spot market will stay strong for another couple of years.

Calling the current rates “abnormal”, LPG shipping markets advisor Mia Groeng said newbuilding deliveries are being absorbed or delayed, reducing the supply threat.

Rates from the Middle East to Asia hit an all-time high this week at $141,800 per day, beating the level seen in 2014 and 2015.