VLGC owners have seen spot rates take an even bigger tumble as the sector's fall from grace continued to accelerate.
The Baltic Exchange VLGC index showed a daily rate of $28,482, down 47% month on month.
Earnings had been holding up better than expected since the coronavirus outbreak, but are now "coming off in rapid fashion," said Fearnley Securities.
"Looking ahead, we see further softening ahead as supply cuts starts to bite, coupled with further tightening of product differentials," the investment bank said.
The latest rate is now well below the $40,000 achieved at this time last year, after being ahead of all rates from the last four years for most of the first four months of 2020.
The price of propane in Mont Belvieu, Texas, is up 10% so far this year, while the one to two-month forward prices in Asia are down about 43% over the same period.
"The result is non-workable arbitrages and further downside potential ahead, particularly as less volumes will hit the market in the months to come," Fearnley added.
The market is "theoretically in cancellations territory", although no cancelled fixtures have yet been reported for June.
Cleaves Securities said spot numbers were down a "massive" 33% in a week, with fixing inquiries scarce and the tonnage list building in both Asia and the West.
"We expect earnings to decline further throughout this year," added head of research Joakim Hannisdahl.
Last week the drop in May stood at 25%, down to $44,000 from $60,000 at the same point in the month before. The market had been as good as it gets, analysts have said.
The US Energy Information Administration (EIA) has estimated production is down 9% year on year due to US cuts.
