Quote from Pareto shipping daily: VLGC rates “rallying” as propane spreads continue to develop favorably after EIA-report  US propane inventories increased 0.9m barrels last week, the largest build we have seen during the first eleven weeks of any year since at least 2013. PADD 3 inventories were up 1.2m barrels, and they are ~67% higher than a year ago (37.4m barrels)  Production remains high at 1.98mbd (+5% y/y), while domestic demand (which is volatile) was down 19% y/y to 1.25mbd. Exports came in at 0.78mbd, down w/w  Propane price spreads continue to develop favourably for the VLGC names, with full US exports likely to happen over the coming months, and rates set to reach the same levels that we saw in Q4. The Baltic VLGC Index was up 6% yesterday, with firm momentum still seen. This equals around USD 20,000/day, and for the first time since 2015 we are seeing a “normal” seasonal pattern for the VLGC players  What in our view is particularly positive now is how Asian prices continue to follow oil prices (so no signs of over-supply), while USGoM prices remain fairly low and thus continue to be more impacted by domestic supply/demand than oil prices. This is a very healthy sign in our view, and as Asian demand should pick up this year (China and India only saw import growth of 2-3% last year) this could continue