BW LPG boss Anders Onarheim is not interested in newbuildings unless there is a significant drop in prices at shipyards.

The Oslo-listed owner’s chief executive was asked on a conference call whether contracting new VLGCs would be a good way to spend some of its $329m cash pile.

He said: “What it would take for us to order new ships is that we see either a drop in newbuilding prices or new technology [so] that we can justify making a 25-year investment.”