VLGC spot rates have slumped to dismal levels due to few trading opportunities out of the US Gulf Coast and lower demand from the Middle East.
Avance Gas' own index of spot earnings for VLGCs on the benchmark Middle East-to-Japan voyage currently sits at around $8,025 per day — a six-month low.
Brokers and commercial managers at shipping companies have seen fewer cargoes coming out of the Middle East, particularly Saudi Arabia, as Opec-mandated production cuts also slow down LPG volumes.
