Spot rates for VLGCs continue to plunge in a temporarily oversupplied vessel market.
The Baltic Exchange assessed earnings from the Middle East Gulf to Asia at $36,700 per day on Thursday, down 55% in a week.
US to Asia rates are down a similar amount at $37,700.
Numbers had soared to record levels of more than $170,000 in September on strong demand and Panama Canal disruption.
Ship supply remains plentiful, according to Fearnley Securities.
Some of the drop is seasonal, as happened in 2022, the investment bank added.
A much weaker price differential between the US and Asia is also hitting the freight market.
Asian demand has declined, while the cold winter is pushing up requirements in the US.
Fewer transit restrictions at the Panama Canal are also not helping owners in terms of earnings.
With Middle East and US rates now at nearly the same level, there is little incentive for charterers to make their move.
Norwegian broker Fearnleys said there will be plenty of ships to choose from once fixing resumes.
Plenty of fixing left to do
The Oslo shop said there were signs of the market improving in the west, however, with plenty of cargoes left for February dates.
Last week, Norwegian shipping investor Joakim Hannisdahl said he believes LPG market fundamentals suggested a potential plunge in VLGC spot rates.
The principal of Gersemi Asset Management blamed the narrowing propane price differential between the US and Asia.
Fearnleys had earlier said that nearly every ship arriving in the US in the first 20 days of February is ballasting in from the Cape of Good Hope to avoid the dangerous Red Sea region.
