Shares in VLGC owners Avance Gas and BW LPG fell after Fearnley Securities downgraded them to “hold” from “buy”.
The Norwegian investment bank sees weak risk-reward for both companies as there are uncertainties on the upside to freight rates.
Analyst Oystein Vaagen said in a note that it is increasingly weary on freight versus last year’s bumper earnings, given pressure from supply and demand issues.
