Hormuz closure pushes VLGC rates in US Gulf over $100K per day
- Baltic Exchange’s US Gulf-Japan VLGC index is at $111,628 per day, its highest level since January 2024, during the Panama Canal drought crisis
- US Gulf-Europe VLGC index is at $117,419 per day
- VLGC export cargo volumes were down 27% in March versus the average in January and February, according to Vortexa data
The Strait of Hormuz has never been closed before, so the shipping consequences have been hard to predict. One widely held view was that the strait’s closure would be negative for very large gas carrier rates. At least so far, it has been positive
