AsiaLNG Terminals

Spot LNG prices, charter rates continue to skyrocket

By LNG Prime Staff
Spot LNG prices, charter rates continue to skyrocket
For illustration only (Image: BP)

Spot LNG prices but also charter rates are continuing an unbelievable surge due to a cold snap in Asia and Europe.

The average LNG price for February delivery into northeast Asia hit a record high of around $28.221 per mmBtu on Monday, according to S&P Global Platts.

Trader Trafigura purchased a 3.2 trillion British thermal unit cargo for delivery in mid-February from Total Gas and Power Asia at a record $39.30 per mmBtu, the agency said.

This could well be the most expensive LNG cargo ever sold.

In addition, freight rates are also surging as charterers scramble to find ships.

LNG freight rates hit $322,500 a day in the Atlantic on Friday, Spark Commodities said.

LNG rates more than doubled since previous highs in October 2019 but they also increased 18 times more compared to lows in June 2020, Spark said.

Moreover, several reports suggest that BP paid an unprecedented rate of $350,000 per day to charter LNG Abalamabie.

Most Popular

LNG Terminals

Cedar FLNG launched in South Korea

South Korea’s Samsung Heavy Industries has launched Cedar LNG's floating LNG production unit, which will be installed in Kitimat on Canada’s West Coast.
Contracts and Tenders

BP submits lowest bid in Pakistan LNG tender

A unit of UK-based energy giant BP has submitted the lowest bid in a tender to supply Pakistan with one spot LNG shipment this week.
Contracts and Tenders

Malaysia’s Petronas Gas, Integrax ink pact for new LNG import terminal

Malaysia's Petronas Gas, a unit of Petronas, has signed a binding deal with compatriot Integrax, a part of TNB Power Generation, to jointly develop the country's first FSRU-based LNG import terminal in Lumut, Perak.

More News Like This

LNG Terminals

Atlantic LNG shipping rates drop this week

Atlantic liquefied natural gas (LNG) shipping rates dropped this week, while the Pacific rates rose slightly compared to the prior week, according to Spark Commodities.
LNG Terminals

Atlantic and Pacific LNG shipping rates continue to increase

Atlantic and Pacific liquefied natural gas (LNG) shipping rates continued to rise this week, with the Atlantic rates rising above $100,000 per day, according to Spark Commodities.
LNG Terminals

Atlantic and Pacific LNG shipping rates up this week

Atlantic and Pacific liquefied natural gas (LNG) shipping rates rose this week compared to the week before, according to Spark Commodities.
LNG Terminals

Atlantic and Pacific LNG shipping rates drop this week

Atlantic and Pacific liquefied natural gas (LNG) shipping rates decreased marginally this week compared to the week before, according to Spark Commodities.