Ballast VLGC enters Gulf on short-term fixture at sky-high rates 

Shipbrokers reported this week that QatarEnergy fixed 2023-built very large gas carrier (VLGC) Maoming Pan for a 90-day period at US$280,000 per day. According to intelligence service and data provider Anfil Gas, the vessel has transited the Strait of Hormuz in ballast and is now anchored at Ras Laffan.

The extremely strong hiring levels over periods of two to three months have recently attracted increased interest from several owners, who have been willing to accept the risk of entering the Gulf, said Anfil Gas in its latest report.

As more VLGCs become available for the trade and competition intensifies, however, these exceptional rate levels are expected to come under increasing pressure, the report added.

For now, though, the market remains exceptionally firm. The Baltic Exchange’s BLPG1 route (Middle East Gulf-Japan) climbed to near-record levels on 2 July, reaching almost US$250,000 per day, up 27% from the previous week.

Anfil Gas expects additional cargoes from regional producers to generate stronger demand for ship-to-ship loading operations. Combined with the continued reluctance of many owners and operators to enter the Gulf, this has been the key driver behind the latest surge in freight rates.

Strength has also been evident across other key routes. The BLPG2 route (US Gulf-Continent) rose more than 5% week on week to nearly US$120,000 per day, while the BLPG3 route (US Gulf-Japan) gained 7.5% to more than US$110,000 per day.

Shipbroker Clarksons noted in its half-year review that charter rates climbed to record highs during the first six months of 2026, with VLGC earnings peaking at US$200,000 per day and averaging around US$100,000 per day.

Longer-haul voyages from the US to Asia, combined with additional vessels rerouteing via the Cape of Good Hope because of delays at the Panama Canal, underpinned the strength of the market.