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BW LPG spinning gold on high time-charter rates

An unusually high level for the major VLGC vessels helped BW LPG more than double its result.

Photo: BW Group

The 2nd quarter 2014 hit the spot for gas carrier BW LPG, whose primary competition includes the two major fellow gas carriers Avance Gas and Dorian LPG. The carrier achieved a net profit after taxes of USD 72.4 million, which is more than a doubling compared to USD 32.6 million in the same period last year, according to the carrier's interim report.

The significant improvement is especially attributed to the time-charter rates for the major VLGC gas vessels. The rates reached an average of USD 30,800 per day, compared to USD 24,500 in the same quarter last year.

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