VLGC spot rates are keeping on with their upwards march towards $100 per tonne, but the longer-term outlook is potentially more problematic.
The Baltic Exchange VLGC Index hit $98.86 per tonne on Monday, or $90,336 per day, up 5.4% from 4 December and 72% higher month-on-month, as Panama Canal and discharge delays cut available tonnage.
Norwegian investment bank Cleaves Securities said: "With tonnage supply still extremely tight in both hemispheres, we wouldn’t be surprised if we see triple-digits dollars per tonne before Christmas."
