Spot rates surge after a soft start to 2025

After a weaker-than-expected start to the year, the Very Large Gas Carrier (VLGC) market has shown a sharp turnaround in March. Spot rates, which had fallen below $30,000 per day earlier in the year, have now climbed to approximately $40,000 per day. 

US export infrastructure set for significant expansion.
According to BW LPG CEO Kristian Sørensen, the rate surge is driven by seasonal shifts in US exports and a planned expansion of export capacity. Over the next two years, US LPG export infrastructure is set to evolve by 25%, increasing supply and boosting transportation demand. Despite market volatility, Sørensen expects rates to strengthen further, underpinned by solid market fundamentals.