US LPG arbitrage to Europe shut as Asia draws growing US output

Despite increased LPG production in the US supporting growing exports, the US-to-Europe spot arbitrage has been “slammed shut” from higher freight rates and weaker post-winter demand hindering spot transactions into the region. At the start of April, the VLGC freight rates were assessed by Platts at $100/mt from the USGC to Japan and $62/mt to Northwest Europe but on May…