The outlook for VLGC spot rates is now weaker due to price differentials and ships ballasting back from Asia to the Middle East, analysts believe.
Clarksons Platou Securities said it was lowering its LPG rate forecasts into 2023 as a result.
"Currently, the propane-naphtha price differential in Europe and the Far East has shifted in favour of product carriers as opposed to LPG vessels, which is likely to keep some overhang on rates," analysts Frode Morkedal and Omar Nokta said.
