A sharp rise in liquid petroleum gas (LPG) shipping demand, particularly out of the US, is driving an ordering frenzy for very large gas carriers (VLGCs), according to the LPG Forecaster report published by shipping consultancy Drewry.
This will increase the size of the LPG shipping fleet by over 50% over the next two years, the report added.
US LPG exports rose 64% in 2013.
A growing proportion of this traffic is moving to Asia - up from 7% in 2012 to 14% in 2014. While Japanese imports declined in the second quarter of 2014, imports into both China and South Korea rose strongly.
A steady flow of cargoes in the Middle East and an increase in exports from West African countries also helped boost VLGC demand.
LPG shipping boom sees VLGC ordering frenzy
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