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Nippon Yusen soars as LPG rates rise most on record

2013-05-22 02:08:00

TOKYO, May 22 (GCTL) - Nippon Yusen K.K., the world’s largest publicly traded operator of liquefied petroleum gas ships, surged the most in more than four years in Tokyo after a record weekly advance in rates for carrying the cargo.

Nippon Yusen rose 11 percent, the biggest gain since October 2008, to close at 295 yen as of the 3 p.m. end of trading in Tokyo. Mitsui O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd., Japan’s second- and third-biggest shipping lines, increased 7.6 percent and 6 percent respectively. All three companies are based in Tokyo.

LPG rates jumped 28 percent last week, the largest weekly rally based on data going back to 2005, according to the Baltic Exchange, a London-based publisher of shipping prices. The U.S. is shipping more LPG than ever as a byproduct of record natural gas output, Energy Department data show, Bloomberg reported.

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Category : Business & Financial News   Asia Pacific News  

Tags : Kawasaki Kisen Kaisha Ltd., Mitsui O.S.K. Lines Ltd., Nippon Yusen K.K.,

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