Platou: VLGC rates hit ten-year high

In spite of the low season, the average weekly spot rate for the large gas vessels have reached the highest level in ten years. The market is headed toward a super-cycle, says Platou.

Photo: PR/BW Group

In spite of the general low season and a historically low level, the average weekly spot rate for the major gas ships - Very Large Gas Carriers (VLGC) - reached the highest level in more than ten years last week, says RS Platou Markets on Tuesday.

The average spot rate reached USD 52,800, while on Monday a spot rate on the benchmark route from the Middle East to Japan was registered at USD 56,700 per day, including waiting time.

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