Rates in the VLGC sector are coming under pressure due to an increasing tonnage list and production cuts.
VLGC spot rates fell another 10% last week, compared to the previous seven days, and Cleaves Securities head of research Joakim Hannisdahl is forecasting earnings dropping to operating expenses levels in the second half of the year.
He blamed recent Opec+ cuts and an "expected rout" in US shale production having an impact on LPG exports.
