Japan-Persian gulf VLGC freight charges surge on port delays

The freight charges for VLGCs plying the key route of Persian Gulf-Japan for refrigerated LPG cargoes, surged to a 30-month high of $54/mt on Wednesday mainly because of port delays in Japan and India

SINGAPORE (Scrap Monster): The freight charges for VLGCs plying the key route of Persian Gulf-Japan for refrigerated LPG cargoes, surged to a 30-month high of $54/mt on Wednesday mainly because of port delays in Japan and India.

The last time the Persian Gulf-Japan VLGC freight settled any higher was on September 9, 2008, when it touched $54.5/mt, Platts data showed.

Trade sources, including shippers and LPG importers, have attributed a strengthening freight to a longer-than normal waiting time for vessels to discharge product at ports, mainly in India and Japan, and to an uptick in cargo movement, Platts reported.