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VLGC freight rates reach five-year high

Very large gas carrier market has been boosted by several factors, including a rise in liquefied natural gas production from the US and the Middle East, a favourable arbitrage from the US to Asia, discharge delays and longer transit time in the Panama Canal

There were only 11 VLGCs, out of a global fleet of 302 ships, available to load Middle East LPG at the end of last week, suggesting any available ships may be snapped up in advance of their discharging itineraries

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