2016 is unlikely to see much change in rates for smaller LPG carriers, according to one of the field's leading names.

Harry Vafias, ceo of Greece's StealthGas, said that the low price of oil would likely keep a lid on LPG demand.

"We need higher oil prices, hopefully closer to $50 to $60 per barrel," he said. He also noted that 20% of the 3,000cbm to 8,000cbm LPG fleet is now over 20 years of age. "These ships need to go," said Vafias.

"My forecast is that the market won't change much this year and we will see gradual improvement from 2017 onwards," Vafias predicted.