VLGC market fundamentals are looking positive despite the heavy orderbook as congestion seems likely to continue at the Panama Canal, Fearnleys believes.

The Norwegian broker’s LPG shipping advisor Mia Groeng told delegates at its energy and shipping conference in Oslo that average spot rates for the large gas carriers increased by 58% last year, compared with 2021.

Levels hit a high of $125,000 per day in November, while one-year time charters were averaging between $45,000 and $50,000 per day.