BW LPG shares rallied as much as 7% after Pareto Securities upgraded the VLGC owner to “buy” from “hold”.

Eirik Haavaldsen, head of research, said the stock is “far too discounted again”.

He said the stock had been trading at a 25% discount to net asset value and the risk-reward balance looked good for investors, given strong spot rates at a seasonally weak time for the market.