VLGC market sustains ‘dramatic correction’ as traders relet chartered-in ships, Clarksons says

The VLGC spot market has dropped like a stone over the past few days as traders placed chartered-in vessels onto the market, according to Clarksons Securities.

The Baltic LPG Index has fallen 22.8% since Friday to more than 11,300 points on Wednesday, marking its lowest level since the beginning of September. The figure represents an average spot rate of about $113,000 per day, after the market peaked at a record high of almost $170,000 per day in late September.