S&P Global Platts: Persian Gulf-Japan VLGC rates set for more gains after reaching record above $150/mt

Shantanu Bhushan, senior consultant with Poten & Partners LPG/NGL Consulting, said 26 VLGCs have been delivered so far this year and another 17 during rest of 2023, according to the latest orderbook delivery schedule.

Bhushan attributed “the dramatic increase” in freight to the improvement in fixtures concluded over the past two weeks that absorbed available tonnage in the Middle East.

According to Poten, three VLGC fixtures were concluded in the week ended Aug. 18 for loading in the Middle East, and another four the subsequent week. For the week ended Sept. 1, VLGC fixtures doubled to eight and for the week ended Sept. 8, eight fixtures were reported, he said.

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