Singapore’s BW LPG is seeing increasing appetite among charterers for long-term vessel contracts.

The Oslo-listed VLGC owner has taken more cover this year to protect against any downside in buoyant markets, meaning earnings were lower overall than in the spot market.

The company still achieved its highest-ever daily time charter equivalent (TCE) rate of $58,700 per day in the first quarter.

For the second quarter, 90% of available fleet days are fixed at an average of $50,000 per day

And 2023 as a whole is 31% covered at $38,900 per day.