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Spark30S (Atlantic) LNG freight rates recorded the largest one-day drop on record, falling $56,250 to $208,000 per day on Monday.
Spark’s data lead, Qasim Afghan, told LNG Prime that global freight rates remained relatively steady on Tuesday, with Spark30S Atlantic at $210,000 per day and Spark25S Pacific at $180,000 per day.
“Despite yesterday’s drop in freight rates, the prompt US arb has widened further and is now more firmly pointing to Europe at -$0.732/MMBtu, driven by the drop in the JKM-TTF spread,” he said.
TTF prices for May 2026 are up 16 percent to $20.277/MMBtu, while the JKM-TTF regional price spread dropped 1.000 to +$1.800/MMBtu.
The Nigerian front-month arb is currently at “+$0.269/MMBtu and now less strongly pointing to Asia – this is the weakest signal to Asia since 7:50am on Monday, March 2,” he said.
Last week, Atlantic LNG shipping rates rose by $221,500 to $264,250 per day as the LNG and shipping markets experiencied “seismic shocks” in the wake of military action across the Middle East.
State-owned LNG giant QatarEnergy declared force majeure to its affected LNG buyers on March 4, two days after it stopped production of LNG due to military attacks on its operating facilities in Ras Laffan and Mesaieed.
Following this, several reports and brokers said that QatarEnergy is offering ten chartered LNG carriers for lease as its giant Rass Laffan LNG complex remains shut.
This force majeure prompted several countries, including Bangladesh, to buy spot LNG cargoes at extremely high prices of up to $28.28 per mmBtu.
The Indian government also invoked emergency measures on Tuesday, prioritizing gas allocation to essential sectors amid the disruption of LNG shipments through the Strait of Hormuz.
