BW LPG falls to loss as spot rates drop

Singapore VLGC owner BW LPG has revealed a loss in the first quarter as it pursues a $1.1bn takeover of Dorian LPG.

The company said the net deficit to 31 March was $8.4m, from profit of $8m in the same period of 2017.

EBITDA was down to $25.3m, versus $41.9m, mainly due to a decline in LPG spot rates and lower fleet utilisation.