LNG freight rates up, spot prices surge

Charter rates for the global liquefied natural gas carrier fleet rose last week, while spot LNG prices surged to a new record due to the Russia-Ukraine crisis.

LNG freight rate for a 160,000-cbm TFDE carrier reached $28,250 a day in the Atlantic on Friday, according to Spark Commodities.

Compared to the previous week, the rate rose by $29,25O.

On the other side, the Pacific rate rose slightly, or $750, and it reached $16,000 a day.

LNG freight rates strengthened “significantly” in the Atlantic basin as charterers look to secure vessels amid the market volatility, Spark said.

To remind, the Singapore-based firm reported its first-ever negative spot LNG freight rate at the beginning of February, some three months after charter rates for the global LNG carrier fleet hit their record highs.

LNG freight rate for a 160,000-cbm TFDE carrier reached -$750 a day in the Atlantic on February 7.

Spot LNG prices spike

The rise in charter rates comes at a time when Asian spot LNG prices reached record highs.

The JKM spot LNG price surged to $59.672/MMBtu last Thursday on concern over tight supply due to the Russia-Ukraine conflict and Russian cargo diversions, according to S&P Global Platts.

Previously, the price hit the highest level of $56.326/MMBtu in October last year due to the gas price crisis in Europe.

Platts also said that the delivered price of LNG into Northwest Europe and the value of US FOB Gulf Coast cargoes loading 30 to 60 days forward hit new record highs on March 4.

Platts DES Northwest Europe was assessed at $60.117/MMBtu, up $15.921/MMBtu on the day and above the previous record of $58.638/MMBtu on December 21, 2021.

Moreover, Platts Gulf Coast Marker was assessed at $58.250/MMBtu, up $16.350/MMBtu on the day and above the previous record of $54.95/MMBtu that was also registered on December 21, the agency said.

- Advertisements -

Most Popular

QatarEnergy, ExxonMobil update on Golden Pass LNG work

Energy giants QatarEnergy and ExxonMobil released the latest construction update for their Golden Pass LNG export terminal on the...

UAE’s Adnoc takes FID on Ruwais LNG project

UAE’s Adnoc has taken a final investment decision to build its liquefied natural gas (LNG) export terminal in Al...

Venture Global inks deal with DTEK to supply LNG to Ukraine

US LNG exporter Venture Global LNG has signed a heads of agreement with a unit of Ukraine's DTEK to...

More News Like This

Atlantic LNG shipping rates continue to climb, European prices drop

Atlantic spot liquefied natural gas (LNG) freight rates continued to increase this week, while European prices decreased compared to...

Spot LNG shipping rates rise, European prices steady

Spot liquefied natural gas (LNG) freight rates rose this week, while European prices remained steady compared to the previous...

Atlantic LNG shipping rates, European and Asian prices climb

Atlantic spot liquefied natural gas (LNG) freight rates rose this week, while European and Asian prices also increased compared...

Spot LNG shipping rates nearly flat, European prices drop

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