VLGC spot rates sink to four-month low as abundance of vessels duke it out for LPG cargoes

Spot rates for the biggest LPG carriers plunged to a new four-month low amid an overhang of vessels in eastern and western markets.

The Baltic Exchange’s Baltic LPG Index reached the equivalent of just under $30,760 per day on Wednesday, down 5.9% from the previous week.

It marks the lowest level since September 30, when VLGC spot rates surged before peaking at just over $58,900 per day in early October.