Spot LNG shipping rates down for the third week in a row, Spark says

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet fell for the third week in a row, and are now at levels 65 percent below the rates seen at this time last year, according to Spark Commodities.

Last week, spot LNG freight rates continued their downward trend.

The Spark30S rate fell $27,000 per day week-on-week to reach $147,000 per day, while the spot rate on the Pacific Spark25 route fell $20,750 per day week-on-week to reach $168,250 per day.

“The Spark30S Atlantic declined $11,500 to $135,500 per day, and the Spark25S Pacific declined $32,750 to $135,500 per day,” Henry Bennett, Spark’s head of pricing told LNG Prime on Friday.

European LNG prices jump

As per European LNG pricing, the SparkNWE DES LNG front month jumped from the last week.

Last week, the NWE DES LNG for November was assessed at $10.489/MMBtu, a $0.685 discount to the November23 TTF price.

“The SparkNWE DES LNG rallied over 40 percent this week to $15.781/MMBtu for November deliveries on heightened geopolitical tensions, tracking gains in the TTF gas price as the NWE LNG to TTF differential remained steady at a discount of $0.615/MMBtu,” Bennett said.

The TTF price for November settled at $16.460/MMBtu on Thursday, while the JKM spot LNG price for November settled at $14.360/MMBtu.

Workers at Chevron’s Gorgon and Wheatstone LNG plants in Western Australia recently informed the energy giant on their plan to resume strikes on October 19 as part of an ongoing dispute.

Unions representing workers at the 15.5 mtpa Gorgon and the 8.9 mtpa Wheatstone LNG export terminals and the Wheatstone offshore platform in Western Australia decided on September 22 to suspend strikes.

However, the unions decided to resume the strikes as Chevron has “reneged on the commitment they gave to the Fair Work Commission” to incorporate FWC’s recommendations into the enterprise agreements.

Chevron said it is working with the unions to resolve the remaining issues between the parties in order to progress drafting of the proposed enterprise agreements.

Most Popular

Fluxys awards Zeebrugge LNG gig to Sacyr Proyecta

Belgium's Fluxys has awarded a new contract to Spain's Sacyr Proyecta for services at its LNG terminal in Zeebrugge, Belgium.

Rotterdam LNG bunkering volumes climb in H1

Liquefied natural gas (LNG) bunkering volumes in the Dutch port of Rotterdam rose in the first half of this year compared to last year, despite a drop in second-quarter volumes.

China’s gas imports up in June

China's natural gas imports, including pipeline gas and LNG, rose by 1.1 percent last month compared to June 2024, according to customs data.

More News Like This

Atlantic LNG shipping rates dip, European prices up

Atlantic spot LNG shipping rates decreased this week, marking the largest week-on-week decline since January.

Spot LNG shipping rates dropped this week

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet and European prices decreased this week compared to the previous week.

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.