Shipping companies have been counting the cost of a difficult quarter, as delays in extra Middle East LPG supply have affected large vessel employment.The results show how falling rates in the very large gas carrier sector (VLGC) are taking their toll on profit margins.Oslo-based LPG shipper BW Gas says fourth-quarter profits from its LPG fleet plummeted by over half compared with the previous year to 12.1 mn, in a presentation to investors last month. The slide in profits consolidated a weak full year's performance, in which overall profit fell by 27pc over the previous year to 189 1 mn.BW Gas chief Jan Hakon Peterson says a poorly performing VLGC sector was the main reason behind his company's lower profits. Modest gams in VLGC rates during 2007 were offset by escalating shipping costs, according to Peterson. Bunker fuel prices basis Fujairah, a common refuelling point for ships operating in the region, doubled between 2005 and 2007.
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