VLGC earnings hit rock bottom as bunker prices soar

Martyn Wingrove - Monday 11 May 2009

A $40 jump in bunker prices has pushed very large gas carrier earnings down close to zero, driving owners to scrap more of their older tonnage.

Bunker prices have risen 13% since the start of May to more than $340 per tonne, but very large gas carrier rates held at around $16 per tonne of liquefied petroleum gas for a Middle East to Asia route....

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