Fearnley Securities today pulled the curtain of the VLGC super-cycle and downgraded its outlook on the LPG sector.
Its analysts warned a rebalancing of supply and demand would bring a substantial softening of rates at the back end of 2016 and into next year.
Jonathan Staubo, Espen Fjermestad and Peder Nicolai Jarlsby revised their rating on the LPG market from overweight to reduce, citing concerns about how a softening oil price will impact US exports at a time when 46 VLGCs are lined up for delivery this year and 25 more will follow in 2017.
“We
