LPG in World Markets
The global LPG fleet comprised 1,111 vessels at the end of Nov 2019, up 2% from 2018. The VLGC fleet, which accounts for 75% of the global LPG seaborne trade volume, comprised 283 vessels at the end of November, up from 265 vessels in 2018. No VLGCs are scheduled for delivery in December, while any scrap sales are unlikely with the strength in the freight market. The current order book indicates 22 VLGCs will join the fleet in 2020 which could put downward pressure on the freight market. However, retrofitting to comply with IMO 2020, inspections and sales of vintage ships could tighten the supply/demand balance.
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