LNG freight rates drop on Freeport shutdown

Spot charter rates for the global liquefied natural gas carrier fleet dropped considerably this week due to the shutdown at the Freeport LNG facility in Texas, according to Spark Commodities.

“A sharp move lower in LNG freight spot rates today as vessel availability continues to increase following the Freeport shutdown,” Spark said.

LNG freight rate for a 160,000-cbm TFDE carrier reached $77,750 a day in the Atlantic on Thursday.

Compared to the previous week, the rate dropped by $22,50O.

On the other side, the Pacific rate also dropped to $77,750 per day, down by $13,750 from the last week, according to Spark.

To remind, Freeport LNG now expects to resume partial operation at its 15 mtpa liquefaction and export plant in Texas in about 90 days after an incident at the facility last week.

The LNG terminal operator said it does not expect completion of all necessary repairs and a return to full plant operations until late 2022.

The news of the prolonged shutdown affected both the US Henry Hub price and the Dutch TTF price.

Besides this, the TTF price surged on Thursday to more than 142.25 euros per megawatt-hour amid concerns over Russian gas supplies. Gazprom reduced volumes to Germany via the Nord Stream 1 gas pipeline saying there was a problem with gas turbines.

- Advertisements -

Most Popular

Golden Pass LNG to ramp up construction activities after Zachry deal

QatarEnergy and ExxonMobil will ramp up construction activities at the Golden Pass LNG export terminal in Texas after a...

Tellurian updates on Driftwood LNG work

US LNG terminal developer Tellurian, which is being acquired by Australia's Woodside, released the latest construction update for the...

Hudong-Zhonghua confirms TotalEnergies order for LNG bunkering vessel

China’s Hudong-Zhonghua said it had secured an order to build one 18,600-cbm LNG bunkering vessel for French energy giant...

More News Like This

Pacific LNG shipping rates rise to $73,000 per day, European prices down

Pacific spot liquefied natural gas (LNG) freight rates continued to increase this week, while European prices decreased compared to...

India was top destination for US LNG cargoes in May

India was the top destination for US liquefied natural gas cargoes in May, as Asia overtook Europe as the...

Freeport LNG ships first cargo after Hurricane Beryl

Freeport LNG has shipped the first cargo from its LNG export plant in Texas since the shutdown on July...

Pacific LNG shipping rates continue to rise, European prices up

Pacific spot liquefied natural gas (LNG) freight rates continued to increase this week, while European prices also rose compared...