VLGC spot rates drop by up to one-third as oversupply pressures owners

VLGC spot rates have plummeted over the past week as the list of available vessels gets longer, brokers and analysts said.

Runs from Ras Tanura in Saudi Arabia to Chiba in Japan were assessed by the Baltic Exchange at $25,600 per day, down 35% and more in line with the Houston-to-Chiba route, which was assessed at $27,800 per day, a decrease of 7%.