Another LPG shipper: Avance (AVACF)
currently in a mating dance with Dorian LPG (symbol: LPG).
They have 6 VLGCs with 8 more on the way. Their Time Charter Equivalent (TCE) for the 1q'14 was $34,500/day - which was fine - with no delays between fixtures for their 5 ships on spot.
The current spot market is > $100,000/d which will hit their profit line in the 3q. They paid a $.50/sh dividend in the 1q (roughly 9% on a $22 stock). Yes, this was over their cash flow but that 3q spot market is coming!
The order book for VLGCs is low: 9 more in '14, 36 in '15, 32 in '16. The GC to Asia arbitrage is back, after it vanished briefly in Jan. due to US propane shortages. (Even then the shippers got paid to turn the VLGCs around and head back to the US).