Arctic Securities chopped its estimates for three LPG carrier owners but kept a bullish stance on their New York and Oslo-listed shares.
The reductions for Dorial LPG, Aurora LPG and BW LPG came as the analyst Erik Nikolai Stavseth predicted that slumping spot rates for very large gas carriers (VLGCs) have further to fall before finding their bottom.
But Arctic kept its "buy" ratings on all three stocks.
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