LNG freight rates dip, spot prices remain high

Charter rates for the global liquefied natural gas carrier fleet dipped this week as vessel availability increased, while spot LNG prices remain well above $30/MMBtu.

According to Spark Commodities, LNG freight rates for a 160,000-cbm TFDE carrier reached $196,000 a day in the Pacific on Tuesday, down $131,000 or 40 percent since last Tuesday.

This marked the largest ever one-week decline for the Spark25 Pacific spot rates, it said.

Previously, the Spark25 Pacific spot rate hit a record high of $374,500 per day on November 26.

This was even higher than January this year when a cold snap in Asia and Europe boosted Atlantic spot rates to $322,500 per day.

Spot LNG at about $35/MMBtu

The JKM spot LNG price surged to $56.326/MMBtu in October due to the gas price crisis in Europe and winter restocking demand among Asian end-users.

It hit the highest level for the LNG benchmark for Asian spot LNG since Platts launched it in early 2009.

The price declined in the meantime but it continues to trade well above $30/MMBtu.

According to Platts, the JKM for January reached $35.730/MMBtu on Tuesday.

Dutch TTF price also surged this week and is now trading above 120 euros per MWh.

- Advertisements -

Most Popular

Venture Global seeks more time to complete Calcasieu Pass LNG terminal

US LNG exporter Venture Global LNG has requested more time from the US FERC to complete the commissioning of...

First Gen seeks new LNG cargo for Batangas FSRU terminal

Power producer First Gen is seeking one spot LNG cargo for its FSRU-based import terminal in Batangas, Philippines. The firm...

Equinor seals 15-year LNG supply deal with India’s Deepak Fertilisers

Norway's Equinor and India's Deepak Fertilisers have signed a 15-year deal for supplies of liquefied natural gas (LNG) with...

More News Like This

Japan’s January LNG imports decline

Japan’s liquefied natural gas (LNG) imports dropped in January compared to the same month last year, according to the...

Spot LNG shipping rates flat, European prices dip

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

Spot LNG shipping rates rise for first time since November

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet rose for the first time since mid-November...

Spot LNG freight rates continue to drop, European prices rise

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet continued to decrease this week, while European...