VLGCs hit the buffers as rates fall to seven-year low

Charter rates for VLGCs have crashed to new lows barely covering operating costs, prompting a rush on offers of ships for storage.

Brokers report that up to 11 VLGCs are now lying off Singapore fully loaded with product controlled by traders such as Vitol, Wilmar, Gunvor Group and energy company Statoil.

They name vessels such as the 82,000-cbm Progress (built 2009), 78,452-cbm Sun Aries (built 1991), the Avance Gas-controlled, 83,700-cbm Venus Glory (built 2008) and Dorian LPG’s 84,166-cbm Cratis (built 2015) as among them.

Ships