Norway's Avance Gas Holding is hoping for rate rises as Panama Canal congestion forces VLGCs on longer routes.
Analysts have estimated gas carriers are waiting up to 18 days at the waterway if no transit slot has been booked.
The John Fredriksen-controlled company said these delays may force rerouting of ships around the Cape of Good Hope or through the Suez Canal.
The Oslo-listed shipowner believes this will stretch VLGC supply, implying positive movements in freight rates.
It also sees continued growth of US volumes in 2022.
Demand for feedstock for Chinese petrochemical plants will grow "significantly", it said, with several new facilities expected to come online next year, which could boost seaborne demand by 9% year on year.
Balanced approach
Fleet inefficiencies, new energy efficiency rules and other regulations, combined with strong US volumes and Asian demand, may soak up the 46 new VLGCs due for delivery in 2023, the company believes.
But it is taking a "balanced approach commercially and financially" by entering long-term time charter contracts and exploring "attractive" financing by utilising high asset values.
Net profit in the three months to 30 September was $4.2m, up from $2.3m in 2020.
Revenue climbed to $47.4m, compared with $36.3m a year ago.
The average time charter equivalent rate was $27,548 per day, down from $27,730 in the second quarter.
For the fourth quarter, the owner is estimating TCE rates at $28,000 per day for 94% of vessel days, including 50 waiting days northbound at the Panama Canal.
Fearnleys said this was below its estimate of $33,000.
Time charter coverage was 34% in the third quarter at an average TCE rate of $29,500 per day. For 2022, this figure is $30,000 for 23% of vessel days.
Avance Gas is paying a quarterly dividend of $0.05, or $3.8m.
Fearnley Securities said Ebitda of $19m was below consensus of $21m, but the dividend was bigger than expected.
