Although BW LPG's chief executive Anders Onarheim predicts a tough second quarter for the LPG market, he does not think rates can get much lower than they are right now. He does, however, see light at the end of the tunnel – albeit not until the second half of the year.
Right now, BW LPG has covered close to 80 percent of its ship days in the first quarter at average spot and time charter rates of USD 41,000 per day. Onarheim does not see many factors that might pull those rates further down, nor does he think they are able to drop to a lower level than the one they are already at.
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