Spot LNG shipping rates, European prices continue to drop

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet continued to decline this week, while European and Asian prices dropped as well.

Last week, the Spark30S Atlantic decreased to $142,500 per day, while the Spark25S Pacific decreased to $117,000 per day.

“LNG freight rates fell once again week, with a 6 percent week-on-week decrease for Atlantic rates and a 12 percent week-on-week decrease for Pacific rates,” Qasim Afghan, Spark’s commercial analyst told LNG Prime on Friday.

Spot LNG shipping rates, European prices  continue to drop
Image: Spark

Afghan said that the Atlantic rate decreased by $8,750 to $133,750 per day, whilst the Pacific rate decreased by $13,500 to $103,500 per day.

European, Asian LNG prices

As per European LNG pricing, the SparkNWE DES LNG front month also declined from the last week.

The NWE DES LNG for January delivery was assessed last week at $11.887/MMBtu and at a $0.745/MMBtu discount to the TTF.

“The SparkNWE DES LNG price for January delivery is assessed at $10.489/MMBtu and at a $0.740/MMBtu discount to the TTF,” Afghan said on Friday.

He said this is a $1.398/MMBtu decrease in DES LNG price, and the discount to the TTF narrowed by $0.005/MMBtu, when compared to last week’s January prices.

“This is the 3rd consecutive week-on-week decrease in SparkNWE DES LNG prices,” Afghan said.

Spot LNG shipping rates, European prices  continue to drop
Image: Spark

According to Platts data, JKM, the price for LNG cargoes delivered to Northeast Asia, dropped from the last week.

JKM for January settled at $15.325/MMBtu on Thursday.

Platts recently said the Panama Canal delays have helped to keep Asian LNG prices at a premium to those seen in Europe as shippers seek alternative routes for US LNG shipments, while high inventories and mild temperature forecasts have kept gas demand subdued in Europe.

US liquefaction plants shipped 28 LNG cargoes in the week ending December 13, one cargo less than in the prior week, the US EIA said in its weekly report.

State-run Japan Organization for Metals and Energy Security (JOGMEC) said in a report earlier this week that JKM continues to decline due to weak demand, ample supply, and high inventory levels.

Most Popular

Technip Energies wins contract for Eni’s Coral Norte FLNG

France-based LNG engineering giant Technip Energies has won a contract for preliminary work on Eni's second FLNG project in Mozambique, Coral Norte (Coral North).

Victrol: LNG London hits bunkering milestone

The Shell-chartered inland bunkering vessel LNG London, owned by a joint venture of Belgium's Victrol and France's Sogestran, has reached a new operational milestone.

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.

More News Like This

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.

Atlantic LNG shipping rates down, Pacific rates up

Atlantic spot LNG shipping rates decreased to $48,750 per day this week, while Pacific rates rose compared to the week before.

Spain was top destination for US LNG supplies in April

Spain was the top destination for US liquefied natural gas cargoes in April, according to the Department of Energy’s LNG monthly report.