Spark: spot LNG freight rates softened this week

Spot charter rates for the global LNG carrier fleet softened this week after muted activity so far in July, according to Spark Commodities.

Spark’s Atlantic rate for 160,000-cbm TFDE carriers held around $73,000 per day throughout the last week, whilst the spot rate on the Pacific route was steady around $71,250 per day.

The spot rate on the Atlantic Spark30 route fell $2,250 per day week-on-week to reach $70,750 per day, Edward Armitage, Spark’s commercial analyst, told LNG Prime on Friday.

“Meanwhile, the rate on the Pacific Spark25 route fell $2,000 per day week-on-week to $69,250 per day, in the first weekly drop since May,” he said.

As per the SparkNWE DES LNG front month differential to the TTF, it moved to $(0.335)/MMBtu, the narrowest discount since December 2021, with an implied outright of $8.394/MMBtu, Armitage said.

“The SparkNWE forward curve, however, continues to price in discounts of over $1/MMBtu returning this winter from November,” he said.

The TTF price for August settled at $8.550 per MMBtu on Thursday, while the JKM spot LNG price for August settled at $11.910 per MMBtu.

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