Singapore’s BW LPG has revealed a series of share buybacks against a backdrop of what analysts believe is a rising VLGC market.

The Oslo-listed VLGC owner has acquired 639,000 shares at an average price of NOK 65.72 ($6.60) each between 29 August and 5 September, for a total of NOK 42m ($4.22m).

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The company has a programme that could see up to 10m shares repurchased for a maximum amount of $50m.