Fearnley Securities is increasingly confident that LPG owners are not about to go through a rerun of the 2016 crash, despite a large orderbook of new ships.

The investment bank is raising target share prices across the board as it believes companies’ stocks have some way to rise yet, despite putting on more than 60% on average this year already.

The heavy schedule of newbuildings due next year resembles the situation in 2016, which eventually precipitated a slump in rates.