A key indicator of spot market strength for very large gas carriers has touched a six-month low amid a quiet market on benchmark trades, even as freight forward agreements injected more optimism into the weeks ahead.

The Baltic LPG Index, which tracks VLGCs across three key routes, ended the week at 3,130, which implies a time-charter equivalent rate of just over $30,100 per day.

Friday’s reading represents a one-week decline of 0.8% and a 60.3% plunge since rates peaked in May, according to data from the Baltic Exchange.

And though it marks a 43-point improvement from the prior day, Thursday’s level of 3,087 was the lowest level since 6 February, when rates were mounting a rebound.

The late summer is often a seasonal slow period for energy trades, but the prevailing rates are well below this time last year, when the Baltic LPG Index stood at 9,416 — more than three times higher.

“The quiet weeks continue overall for LPG, with rates falling a little again,” Baltic Exchange analysts wrote in their weekly gas market report on Friday.

They said there were a few fixtures on the benchmark to Asia trade at $40 per tonne, giving a TCE rate of $20,700 per day.

But things were better in the west, where a VLGC sailing from Houston to Europe could earn $44,700 per day on Friday.

“The Atlantic market held resolute this week despite only three to four fixtures being reported,” the Baltic Exchange analysts said. “Rates remained for the most part flat.”

Despite the glum week, the VLGC futures market have become more optimistic since last Friday.

September contracts on the Middle East-to-Asia trade jumped to $55.38 per tonne, up from just $49.08 a week ago.

On Friday, forward freight agreement pricing suggested the market will peak at $66.58 per tonne in December.

December contracts on the same route came in at $63.04 per tonne at the close of the last week, according to Baltic Exchange data.

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