With spot rates far below break-even levels, most VLGC shipowners would likely prefer to erase 2017 from their memory. Last year became one of the worst years ever for the carriers operating the largest gas vessels in the fleet, writes Drewry in a new analysis.
Average spot rates reached USD 12,500 per day against a break-even level of USD 21,000. This development was widely anticipated by gas carriers such as Norway's Avance and BW LPG, which have for years expected the order boom triggered by the golden times enjoyed by the VLGC segment several years back.
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