VLGC rates and stocks boom amid shut-in of Middle East supply
- Baltic Exchange indexes put VLGC spot rates near $200,000 per day, although actual rates are estimated to be closer to $100,000 per day
- Shares of VLGC owner Dorian jumped 13% on Wednesday; Dorian’s stock price has doubled year to date and is up 123% year on year
- ‘I haven’t seen any demand destruction yet,’ says Dorian’s Ted Young
The Middle East is the second-largest source of LPG in the world. Cargoes there continue to be largely blocked. This sounds ominous for global VLGC demand, yet VLGC equities have been star performers
