BW LPG is hopeful of rates rising back above break-even this year after it posted a bigger loss in the first quarter.
The Singapore owner said the net deficit was $23.5m compared to $8.4m in 2018.
Revenue grew to $118.1m from $117.9m, but voyage expenses rose to $57.84m from $44.68m.
Depreciation was also higher.
VLGC time charter equivalent rates averaged $15,100 per day in the period, but started to recover towards the end of March.
"For 2019 we are optimistic that average VLGC rates will improve from the 2018 average of $17,300 per day to a level above our cash break-even," it said.
This is supported by sustained US LPG exports growth and incremental volumes from key loading areas such as Australia, Canada and Gulf Coast, it added.
"However, we expect that increased demand for VLGCs from growing exports will in part be offset by a high level of newbuild deliveries," it said.
"VLGC rates will also depend on the development of geographical LPG price arbitrage, positioning of vessels and US terminal capacities."
Longer-term, the company is maintaining its view that sustained US LPG production growth and no further newbuilding orders remain key to a balanced VLGC market.
