BW LPG (NYSE:BWLP) reported sharply higher first-quarter earnings and announced a major fleet renewal program, as management said geopolitical disruptions in the Middle East and shifting LPG trade flows have pushed very large gas carrier freight rates to historically elevated levels.
Chief Executive Officer Kristian Sørensen said the first quarter was marked by “significant geopolitical volatility,” with the Middle East conflict and the continued closure of the Strait of Hormuz creating inefficiencies that drove more LPG cargoes toward the U.S. Gulf and supported higher shipping demand.
