Recent chatter on the street is that the cyclical VLGC expansion has been cancelled for 2018. Shares fell 8% today and are down 16% since our March sector report. Thus, it would be prudent to reiterate why we believe 3Q 2017 marked the cyclical trough and that recent share price weakness presents an unseasonal gift to the opportunistic investor. We stick to our BUY recommendation on LPG Carriers and believe VLGC shares could rally 93% on average in one year.