VLGC rate recovery reverses course as petchem competition intensifies
Falling naphtha prices are impacting Middle East propane demand, says Jefferies shipping analyst Omar Nokta
Despite a wide US-Asia propane price arbitrage, VLGC spot rates are sliding again, losing the momentum built through August. According to Jefferies shipping analyst Omar Nokta, falling naphtha prices in Asia are hurting spot activity in the Middle East as petrochemical plants switch to using naphtha as a feedstock