Platou: VLGC rates set to drop

VLGC rates have declined by USD 40,000 per day over the past weeks. The rates could drop even further, says analysts Platou.

Photo: PR/BW Group

The dream scenario for the very large gas carriers that are currently enjoying towering rates has started to crumble. In late April the rates hovered at a record-high USD 100,000 per day, but now in mid-May the rates have dropped to USD 60,000 per day.

"Brokers speculate rates MEG-East may drop further to around USD 70 per ton which would translate into VLGC earnings of about USD 40,000 per day, still a healthy level," says Platou in an analysis.

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