Norway’s Gersemi Asset Management has exited its long VLGC positions as the market powers along at record rates.

The shipping investment fund, managed by Joakim Hannisdahl, said it had rebuilt its position in the LPG sector due to a significant increase in the regional gas pricing differential between the US and Asia.

This gap is supportive of VLGC spot rates of around $176,000 per day, the company believes.