Pacific LNG freight rates continue to fall

Spark Commodities reported a further drop in its Pacific LNG spot freight rates, while the Atlantic rates increased slightly this week.

Last week, the Pacific LNG freight rates for 160,000-cbm TFDE carriers reached their lowest level this year at $59,500/day.

“With LNG freight softening further in the Pacific basin this week, the spread between spot rates in the Pacific vs Atlantic has fallen to $11,750/day, the smallest spread since since early February,” Spark said on Thursday.

“The rate on the Pacific Spark25S route fell $4,250/day week-on-week this week to reach $55.25k/day, whilst the Atlantic Spark30S route rose $750/day week-on-week to reach $43,500/day,” the company said.

Pacific LNG freight rates continue to fall

Both the Atlantic and Pacific rates for 160,000-cbm TFDE carriers fell below $100,000 per day in January, continuing their drop since posting record highs in October and November last year.

The Atlantic LNG freight rates dropped to $51,250/day on March 21 due to high vessel availability and after that they fell below $50,000/day to reach lowest level this year last week.

As per prices in Europe and Asia, both the Dutch TTF and Asian LNG prices dropped considerably this year when compared to 2022.

The TTF price for May settled at $13.054/MMBtu on Thursday, while the JKM spot LNG price for June settled at $12.235/MMBtu.

- Advertisements -

Most Popular

QatarEnergy picks shipowners for 18 giant LNG carriers

LNG giant QatarEnergy has selected shipowners to own and operate 18 Q-Max LNG carriers as part of its massive...

Canada’s FortisBC, Seaspan win provincial approval for Tilbury LNG jetty

Canadian utility and operator of the Tilbury LNG facility in the province of British Columbia, FortisBC, and its partner...

VTTI, IKAV to take majority stake in Italy’s Adriatic LNG terminal

Rotterdam-based storage terminal owner VTTI, co-owned by Vitol, IFM, and Adnoc, joined forces with German asset manager IKAV to...

More News Like This

UK remains top importer of US LNG

The United Kingdom was the top destination for US liquefied natural gas supplies for the second month in a...

Atlantic LNG shipping rates up, European prices continue to climb

Atlantic spot liquefied natural gas (LNG) freight rates increased this week, while Pacific rates dropped compared to the week...

Spot LNG shipping rates remain steady, European prices climb for third week

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet remained almost flat this week, while European...

Atlantic LNG shipping rates up, European prices climb for second week

Atlantic spot LNG freight rates rose this week, while European prices increased for the second week in a row. Last...