Atlantic LNG freight rates hit new record

Spot charter rates for the global LNG carrier fleet in the Atlantic basin have reached a new record high, according to Spark Commodities.

“Spark30S Atlantic spot LNG freight rate reaches new record high of $330,00/day, surpassing the previous record high from January 2021,” Spark said on Tuesday.

The Pacific rate also rose to $290,750 per day on Monday, Spark said.

Atlantic LNG rates rose four times from about $80,000/day at the end of August.

Last week, LNG freight rate for a 160,000-cbm TFDE carrier reached $322,500 a day in the Atlantic as the market tightens rapidly and companies, mostly in Europe, look to secure the last remaining vessels ahead of winter.

Atlantic LNG freight rates hit new record
Image: Spark Commodities

Shell booked the 174,000-cbm LNG carrier, Yiannis, owned by Maran Gas, to load a US cargo at the end of October for delivery to Europe at a rate equivalent to $400,000 per day on a round-trip basis, Bloomberg reported, citing traders.

This could be the most expensive deal for the Atlantic basin.

US LNG supplies surged to Europe this year due to high gas prices and as European LNG countries look to boost energy security and diversify sources.

On the other hand, high demand for LNG cargoes in Europe boosted Asian spot LNG prices to record levels this year.

Asian spot LNG prices declined in the meantime but they remain very high. The JKM for November settled at $38.195/MMBtu on Tuesday.

Most Popular

Chevron, China’s ENN seal second LNG SPA

US energy giant Chevron has signed a second LNG sales and purchase agreement with Chinese independent gas distributor ENN.

Shell adds another LNG carrier to its fleet

A unit of UK-based LNG giant Shell has added another chartered liquefied natural gas carrier to its fleet.

Venture Global gets OK to introduce gas to final Plaquemines LNG block

US LNG exporter Venture Global LNG has received approval from the US FERC to introduce natural gas to the 18th and final liquefaction block at the Plaquemines LNG terminal in Louisiana as part of the plant’s commissioning process.

More News Like This

Dutch terminals remained top destinations for US LNG in June

Dutch Gate and Eemshaven LNG terminals remained the top destinations for US liquefied natural gas cargoes in June, according to the Department of Energy’s LNG monthly report.

Spot LNG shipping rates slightly up this week

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet rose slightly this week compared to the previous week.

GECF says LNG imports up 6.6 percent in July

Global liquefied natural gas (LNG) imports rose by 6.6 percent year-on-year in July, setting a new record for the month, the Gas Exporting Countries Forum said in its latest report.

Atlantic LNG rates remain at $36,000 per day, European prices down

Atlantic spot LNG shipping rates remained at $36,000 per day this week, while European prices continued to drop.