ShippingWatch

Ackermann: The LPG market is not sustainable right now

BW LPG's market is not sustainable right now with extremely low rates, and this fact represents a threat to the carrier right now, CEO Martin Ackermann tells ShippingWatch. Consolidation is an option, but there are no concrete plans on the table for now.

Gas carrier BW LPG published an interim report on Thursday showing a massive deficit of USD 55.6 million, a loss which the carrier attributes to ship value impairments and lower rates in the LPG market.

BW LPG CEO Martin Ackermann tells ShippingWatch that the carrier expected the market to correct itself, but that the downturn still had a significant impact on developments for the major VLGC gas vessels:

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