Spark: Pacific LNG freight rates drop to $46,750 per day

Spark Commodities reported a further drop in its Pacific LNG freight rates, while the Atlantic rates declined as well this week.

“LNG freight on the Pacific Spark25S route dropped to reach $46,750/day today, its lowest since since August 2022, with less being paid for ballast bonuses as owners are paid to the nearest hub rather than load port,” Spark said on Tuesday.

“This drop has brought the $5,500/day spread between rates in the Pacific and on the Atlantic Spark30S route to the narrowest since December 2022,” it said.

The Pacific rates for 160,000-cbm TFDE carriers declined from $50,250 per day to $46,750 per day, while the Atlantic rates dropped from $42,000 per day to $41,250 per day on Tuesday.

Spark reported on April 20 a further drop in its Pacific LNG spot freight rates to $55,250 per day, while the Atlantic rate were at $43,500 per day.

Both the Atlantic and Pacific rates for 160,000-cbm TFDE carriers fell below $100,000 per day in January, following record highs in October and November last year.

Last week, the SparkNWE DES LNG front month fell below $10 per MMBtu on growing European storage levels, however the forward curve showed winter prices still remain above $17 per MMBtu, according to the firm.

Platts reported on May 8 that low demand has also dragged Asian LNG prices to the lowest level in two years.

It assessed the JKM for June at $9.882 per MMBtu on May 5.

Most Popular

Knutsen, Shell name ninth LNG newbuild

Norwegian shipowner Knutsen and UK-based energy giant Shell have named the ninth and final LNG carrier in a series of 174,000-cbm vessels.

BP seals LNG SPA with Italy’s A2A

UK-based energy giant BP has signed a long-term liquefied natural gas (LNG) supply deal with Italian electricity and gas distributor A2A.

Shell ships first LNG Canada cargo

LNG giant Shell and its partners have shipped the first cargo produced at the LNG Canada facility in Kitimat, on the west coast of Canada.

More News Like This

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.

Atlantic LNG shipping rates jump to $49,750 per day

Atlantic spot LNG shipping rates rose to $49,750 per day this week, while European prices also jumped compared to the previous week.

GECF: LNG imports jump in May

Global liquefied natural gas (LNG) imports jumped by 6.9 percent year-on-year in May, marking a record high for the month, the Gas Exporting Countries Forum said in its latest report.