Spark says LNG freight rates drop in both basins

Spark Commodities reported a drop in its LNG freight spot rates in both basins, as vessel availability rose.

“Sharpest drop in Spark25 Pacific LNG freight rates recorded this year, down $27,000 to $416,000/day, as vessel availability increases following the ongoing Freeport restart delays,” Spark said on Tuesday.

The Spark30S Atlantic spot LNG freight rate for a 160,000-cbm TFDE carrier also decreased $19,000 to $447,000/day, it said.

Despite the drop, the freight rates remain at very high levels.

In October, both of the rates reached above $400,000/ day, with the Atlantic rate reaching more than $480,000/day.

The rate rose more than six times from about $80,000/day at the end of August.

Last week, the operator of the 15 mtpa Freeport LNG export terminal on Quintana Island again delayed the restart of the facility in Texas.

Freeport LNG is now targeting initial production at the facility in mid-December.

BP, Jera, Osaka Gas, SK E&S, and TotalEnergies have long-term contracts with Freeport LNG.

Prior to the shutdown on June 8, most of the cargoes produced at the plant this year landed in Europe.

This is the case with other US LNG terminals as well.

Largest US LNG exporter Cheniere previously said it sent about 70 percent of the volumes produced this year at its Sabine Pass and Corpus Christi plants to Europe.

European LNG imports from the US surged this year mostly due to high prices and as European countries look to ditch Russian pipeline gas supplies.

- Advertisements -

Most Popular

DSME cancels third LNG carrier order linked to Sovcomflot

South Korean shipbuilding giant Daewoo Shipbuilding and Marine Engineering has terminated an order for another LNG carrier after a...

Woodside delivers Australian LNG cargo to Germany’s Uniper via Dutch Gate terminal

LNG player Woodside said it had delivered an LNG cargo from its North West Shelf project in Australia to...

QatarEnergy, ConocoPhillips ink long-term LNG deal to supply Germany

State-owned QatarEnergy has signed two long-term contracts with US energy firm ConocoPhillips to supply Germany with liquefied natural gas...

More News Like This

LNG freight rates continue to slide in both basins

Spot charter rates for the global liquefied natural gas carrier fleet are continuing to fall in both basins, according...

Austria, Germany’s Bavaria interested to receive gas from Croatia’s Krk LNG terminal

Austria and the German state of Bavaria have shown interest to receive natural gas supplies in the future from...

Freeport LNG pushes back restart to mid-December

Freeport LNG has again delayed the restart of its 15 mtpa LNG export plant in Texas following an incident...

France was top destination for US LNG supplies in September

France was the top destination for US LNG exports in September as Europe continues to receive most of the...