LPG Rates Waning as We Enter 2023
VLGG spot rates, which soared to new highs above $125,000 per day in the fourth quarter of 2022 on the heels of stronger Asian and European demand, have been falling back significantly as we enter 2023. VLGC rates began to slide in December and have been decreasing ever since, currently marked at around $55-60,000 per day. This is nothing that Marsoft didn’t see coming; in our 2022 Q4 report we talked about our expectation that rates would spike in Q4 before waning arbitrage opportunities caused rates to settle back in Q1. For 2023 as a whole, we expect rates will average close to $60,000 per day.
Our 23Q1 quarterly update will be released by the end of February. Flagship clients will receive the market updates via hosted site or delivery via email link. For further information, please contact one of our offices or email us at email@example.com