In a report directed to bondholders, Moody’s Investors Services said the results were better than expected due to an unforeseen spike in freight rates.
"We had expected BW Group's performance to weaken, as many of its vessels were coming off profitable time-charters in [the first half] and it was increasingly exposed to deteriorating spot-market rates,” wrote analyst Vikas Halan.
Moody’s said the group’s VLGCs and VLCCs saw daily time charter equivalent (TCE) averages climb 40% and 5% year-on year, respectively, but noted the gains were somewhat offset by a 31% decline in those achieved by ships in the product carrier segment.
"Nonetheless,
