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Soaring prices and demand for liquefied natural gas (LNG) in Asia have pushed spot LNG freight rates to over $200,000 per day as traders scramble to book vessels to ship the fuel to energy-starved markets in Asia
By Stephen Stapczynski and Anna Shiryaevskaya (Bloomberg) — An unprecedented shortage of liquefied natural gas tankers has made them the most expensive ships ever hired to ferry commodities. Spot rates have more than tripled in the past month, with BP Plc last week paying $350,000 a day to charter an LNG tanker to pick up a cargo from the U.S. The previous high for any kind of commodity carrier was set in late 2019 when a crude supertanker was booked for daily earnings of $308,000, according to data compiled by Clarkson Research Services Ltd., a unit of the world’s biggest shipbroker. Bu...
(Bloomberg) -- An unprecedented shortage of liquefied natural gas tankers has made them the most expensive ships ever hired to ferry commodities.
Bullish factors have struck the LNG shipping market: robust Asian spot gas demand in a cold winter, record-high exports from U.S. projects and -- perhaps most importantly -- delays to traverse the Panama Canal.
* Colder than-average winter in Asia drives demand * Prices are expected to ease in March RIO DE JANEIRO, Jan 8 (Reuters) - Asian spot prices for liquefied natural gas (LNG) jumped nearly 50% this week to a record high, based on available data going back to 2009, as logistical issues disrupt supply to the world’s top consuming region. The average LNG price for February delivery into northeast Asia LNG-AS is estimated to be around $21.45 per million British thermal units (mmBtu), according to pricing agency S&P Global Platts, up 47% from the previous week ($14.60). The price is a record high...