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BW LPG chief exec reports average day rates down by USD 15.000 in 2021

The LPG market takes abrupt turns, and the average spot rate for BW LPG is lower in 2021 than in 2020. But chief executive Anders Onarheim expects that 2022 will bring slightly better rates than what he has seen on average this year, he tells ShippingWatch.

Photo: BW LPG

On average, BW LPG earned USD 15,000 less on each vessel per day in 2021 than in 2020. The typical rate in 2021 will come in at approximately USD 31,000, CEO Anders Onarheim tells ShippingWatch. He forecasts a better 2022.

The average rates in 2020 was around USD 47,000-48,000 per day, Onarheim says. The drop in rates is caused by a decrease in volumes from the US due to a cold winter and then lower inventories.

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