VLGC rates jump 20% as Panama Canal waiting times hit 18 days

VLGC spot earnings have increased nearly 20% in a week, largely due to increasing delays at the Panama Canal.

Analysts are pointing to higher levels of shipping inefficiency as a key driver for rates.

Clarksons Platou Securities said daily earnings are averaging $41,200, up 19.5% from a week ago.

The investment bank says VLGCs using the Panama Canal without booking slots first are experiencing longer hold-ups.