BW LPG bosses have warned that delays at the Panama Canal do not translate into pure profit for VLGC owners through higher rates.

The Singapore company’s commercial executive vice president, Niels Rigault, told an earnings call that a lack of seasonal rainfall has caused the canal authority to limit transits to preserve water.

“This limitation on VLGC transits could result in a 50% increase in sailing days for the fleet trading between the US and the East, subsequently pushing up rates,” he said.