LPG vessels had a short boom and a quick bust

The LPG vessels have entered a new phase which is in effect an elimination contest among the major players. Once the shipping industry's safest bet, plummeting rates and overcapacity have now altered the scenario completely, and only one of the major players looks set to outperform the rest.

Analyst firm Pareto Securities does not mince its words: Analysts from the Norwegian firm were completely wrong about the development of the LPG market. Last year everything was looking bright in the market where big players such as Avance Gas and BW LPG operate the biggest ags vessels - VLGCs, Very Large Gas Carriers - and were bagging strong profits. But 2016 has developed into a grim surprise.

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