Dutch Gate terminal in the Port of Rotterdam, owned by Gasunie and Vopak, saw lower LNG volumes in the first quarter as most of the cargoes diverted from Europe to Asia.
The Port of Rotterdam said in its first-quarter report that total LNG throughput in the port reached 1.52 million tonnes, down 26.8 percent when compared to the year before.
Deliveries to the Gate terminal, which is a hub for all LNG volumes in the port, dropped 36.5 percent to 1.29 million tonnes.
“The decline in LNG volumes is a result of decreased import flows. Higher price levels in Asia led to a growth in LNG transport to that market,” the port said.
LNG cargoes diverted from Europe to higher-paying markets in Asia following an unbelievable surge in spot prices in January.
On the other side, the Port of Rotterdam said outgoing LNG volumes rose more than five times to 229,000 tonnes.
This is due to a steady rise in LNG bunkering operations in the port as the world’s fleet of LNG-powered vessels continues to rise.
The port is a strong supporter of LNG as a bunker fuel and has developed one of the world’s biggest LNG fueling chains.
Moreover, a total of ten LNG bunkering vessels operate in Rotterdam’s port area, of which three are working on a permanent basis. Gate provides most of these LNG fuel volumes.
Worth mentioning here, Gate will close in June for its first major maintenance turnaround since the start of operations almost ten years ago.
The maintenance work will last for about one month starting June 15.