We keep our hold recommendation on BW LPG. The market is fantastic, despite the fact that volumes are down 17.5% and ton-miles are down 4.8%. US growth is the dominating factor, but at the current pace we are likely set for a suppressed ARB as inventories are sliding. The orderbook to fleet ratio has come up to 34.8% and we are uncertain on how the market will be able to absorb all the tonnage. When the market looks to be without risk and rates are record strong, it tends to be a good time to ta ....
