Solid vessel resale values during subdued week for VLGC segment

It was a quieter week in the VLGC spot market, with rates declining in both regions. Earnings on the Ras Tanura-Chiba route dropped 23% week-on-week to $30,708/day, although rates from the Middle East Gulf showed slight recovery signs by Friday.

2001 VLGC vessel sold on for $48m

This week saw the sale of a 2001-built non-eco VLGC for an impressive $48 million, according to Clarksons. This transaction highlights the liquidity and value retention in the second-hand LPG vessel market, offering reassurance to investors about the market’s stability and attractiveness.

WinGD set to present landmark ammonia engine

On a more positive note, exciting news emerged from the ammonia segment. Swiss engine manufacturer WinGD announced plans to deliver its first fully tested ammonia engine in June 2025, a significant milestone in the shipping industry’s shift to alternative fuels. The development of the ammonia engine began in 2019 and has been six years in the making. According to WinGD, nearly 30 orders of their ammonia-driven engines have already been secured for various vessel types, including gas carriers, reinforcing confidence in ammonia’s potential as a viable marine fuel. Competitors Wärtsilä and MAN Energy Solutions are also advancing similar technologies, further supporting the transition.

Source: WinGD, Shippingwatch and Clarksons Research