Spark: Atlantic LNG freight rate hits $374,000 per day

Spark Commodities reported a new record high for its Atlantic spot LNG freight rate as the market tightens rapidly and companies in Europe look to secure the last remaining vessels ahead of winter.

“Another record high Spark30S Atlantic LNG freight rate of $374,000/day today, as the market tightens seasonally early,” the Singapore-based firm said on Monday.

On the same date in 2019, the Atlantic rate reached $92,000 per day, while in 2020 and 2021 the rate reached $65,000 per day and 90,750 per day, respectfully, according to Spark.

Last week, the rate for a 160,000-cbm TFDE carrier hit new record high of $330,00/day, surpassing the previous record high from January 2021.

Several reports also said that Shell booked the 174,000-cbm LNG carrier, Yiannis, owned by Maran Gas, to load a US cargo at the end of October for delivery to Europe at a rate equivalent to $400,000 per day on a round-trip basis.

Spark: Atlantic LNG freight rate hits $374,000 per day

European countries have significantly increased imports of US LNG this year in order to diversify gas supplies and boost energy security.

Largest US LNG exporter Cheniere said it has sent about 70 percent of the volumes produced this year at its Sabine Pass and Corpus Christi plants to Europe.

Due to strong LNG supply, European prices fell on Monday. The Dutch TTF price reached 144 euros per MWh on Monday morning.

Spot LNG prices in Asia remain lower than in August or September. The JKM LNG price for November settled at $35.855 per million British thermal units on Friday.

Most Popular

Yang Ming books LNG-powered containerships in South Korea

Taiwan’s Yang Ming Marine Transport has decided to order LNG dual-fuel container vessels from South Korea's Hanwha Ocean as part of its ongoing fleet optimization plan.

Sabah to take stake in Petronas’ third FLNG

SMJ Energy, owned by the Sabah government, has signed a heads of agreement with Malaysian energy giant Petronas to take a 25 percent stake in the latter's third floating LNG production unit.

Japan’s LNG imports drop in June

Japan’s liquefied natural gas (LNG) imports dropped by 2.8 percent in June compared to the same month last year, according to provisional data released by the country’s Ministry of Finance.

More News Like This

Atlantic LNG shipping rates climb this week

Atlantic spot LNG shipping rates rose this week, whilst European prices dropped compared to last week.

GECF: LNG imports surge in June

Global liquefied natural gas (LNG) imports surged by 9.4 percent year-on-year in June, marking the strongest annual increase since November 2022, the Gas Exporting Countries Forum said in its latest report.

Atlantic LNG shipping rates dip, European prices up

Atlantic spot LNG shipping rates decreased this week, marking the largest week-on-week decline since January.

Spot LNG shipping rates dropped this week

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet and European prices decreased this week compared to the previous week.