An ageing VLGC fleet is ripe for scrapping after a dearth of such activity in recent years, according to Avance Gas.

The Oslo-listed owner said 56 big gas carriers are now aged over 20 years.

But around half of these have been involved in sanctioned trades with Iran, providing an incentive for further trading, consultancy Kpler estimates.

“Eventually, demolition is set to pick up pace,” Avance said in its third-quarter report.