Spark: LNG freight rates remain at about $71,000 per day

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet remained range bound for the fourth week in July, according to Spark Commodities.

Last week, Spark’s Atlantic rate for 160,000-cbm TFDE carriers ended at $71,250 per day and the Pacific rate ended at $69,750 per day.

Edward Armitage, Spark’s commercial analyst, told LNG Prime on Friday, that the Spark30S Atlantic ended at $71,250 per day and the Spark25S Pacific at $70,500 per day.

As per European LNG pricing in July, SparkNWE DES LNG moved to a premium to the TTF for the first time since December 2021 as the arb for US cargoes to voyage to Asia is open for August and October loadings, forcing European buyers to compete for cargos, he said.

SparkNWE DES LNG fell down $1.557 to end the month at $9.219 per MMBtu.

Also, SparkNWE basis to the TTF moved from a discount of $0.45 to a premium of $0.06 per MMBtu.

“This leaves most European regasification capacity out of the money and slots may go unutilized,” Armitage said.

Spark’s assessment for capacity costs at the Dutch Gate LNG import terminal in the port of Rotterdam is currently $0.50 per MMBtu.

“Sabine Pass FOB Netback forward curves show the arb for voyages to Asia open for August and September loadings either via the Panama or via the Cape of Good Hope. Delays at Panama for unbooked vessels are currently at 12 days for laden and ballast transits,” Armitage said.

The TTF price for August settled at $9.267 per MMBtu on Thursday, while the JKM spot LNG price for September settled at $10.970 per MMBtu.

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