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LPG shipping rates hit 5-year high, topping $100,000 a day
It is a painful time for owners of oil tankers and dry bulk carriers. But there are also bright spots amid the ocean shipping gloom. Not only is the container sector booming, but liquefied petroleum gas (LPG) shipping rates have just hit their highest point in a half-decade.
On Friday, the Baltic Exchange assessed rates for very large gas carriers [VLGCs, LPG carriers with capacity of around 84,000 cubic meters] at $104,000 per day. That’s up from lows of under $20,000 per day as recently as July.
On Wednesday, Argus assessed VLGC rates on the Middle East-Asia route at an even higher level: $107,000 per day.