Singapore VLGC player BW LPG expects vessel use to come under increased pressure from supply cuts and a big orderbook.
The Oslo-listed spin-off of shipping giant BW Group sounded the warning after posting a net profit of $80.6m in the first quarter, compared to a loss of $23.5m in 2019.
VLGC rates were strong in the period, and were riding high at $60,000 per day last month, but have since crashed back by more than half as supply cuts started to impact the sector, causing a build-up of free tonnage.
