Singapore-based shipowner BW LPG’s profits increased in the first quarter as a result of strong demand for very large gas carriers (VLGCs) from expanding US LPG exports. Profits grew to $80.4mn in January-March, up by 56pc compared with a year earlier. Time charter rates have firmed as VLGC demand has increased and BW LPG experienced the “strongest char- tering market ever”, it says. BW LPG’s first-quarter average time charter equiv- alent rate rose by 26pc on the year to $41,300/d. Time charter revenue of $130.6mn in the first quarter was up by $30.2mn year on year.
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