VLGC earnings on the benchmark Middle East-Japan route have more than halved this month, with persistent tonnage oversupply amid limited cargo opportunities following the Opec output cut.
Based on Clarksons Platou’s timecharter equivalent estimates, daily earnings of VLGCs for this trade were at $10,700 per day on Tuesday, down from $22,500 at the beginning of this month.
On a per-tonne basis, the Baltic LPG Index assessed Middle East-Japan VLGC rates at an eight-month low of $25.86
