Huge Indian imports and congestion drive VLGC rates to 10-month highs

VLGC spot rates have hit their highest levels for 10 months, propelled by huge levels of Indian gas imports and subsequent port congestion.

Norwegian investment bank Cleaves Securities reported rates up 8% week-on-week to $44,000 per day on average.

"Sentiment is positive with continued congestion in discharge ports in both the Far East and India, as well as increased delays both north and south-bound in the Panama Canal," said head of research Peter Michael Christensen.