Spot LNG shipping rates steady, European prices rise

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet remained steady this week, while European prices rose compared to the previous week.

Last week, charter rates dropped slightly compared to the week before.

“Freight rates in the Atlantic and Pacific basins stayed steady this week, with the Spark30S Atlantic spot rate decreasing by $750 per day to $42,500 per day, and the Spark25S Pacific rate increasing by $500 per day to $46,250 per day,” Qasim Afghan, Spark’s commercial analyst told LNG Prime on Friday.

“The month-averaged rate for April is the lowest in four years for both the Atlantic and Pacific basins,” he said.

Spot LNG shipping rates steady, European prices rise
Image: Spark

LNG shipping rates remained steady this year despite the ongoing shipping constraints via the Panama and Suez canals.

Platts, a part of S&P Global Commodity Insights, also said in a report last week that the numbers of available vessels did not affect LNG shipping rates this year.

According to the agency, in April, the number of available spot vessels in the Atlantic basin soared to around 13 to 14 vessels, and it the Pacific to around 16 vessels, before falling back in the past week to around 12 to 13 ships.

European prices climb

In Europe, the SparkNWE DES LNG front month dropped compared to the last week.

“The SparkNWE DES LNG front month price for June delivery is assessed at $9.508/MMBtu and at a $0.175/MMBtu discount to the TTF,” Afghan said.

He said this is a $0.351/MMBtu increase in DES LNG price, and a $0.015/MMBtu narrowing of the discount to the TTF.

Spot LNG shipping rates steady, European prices rise
Image: Spark

Levels of gas in storages in Europe rose compared to the last week.

Data by Gas Infrastructure Europe (GIE) shows that volumes in gas storages in the EU were 62.61 percent full on May 1.

Gas storages were 61.74 percent full on April 24, and 60.22 percent full on May 1 last year.

Freeport LNG, Gorgon LNG

In Asia, JKM, the price for LNG cargoes delivered to Northeast Asia, settled at $10.410/MMBtu on Thursday.

Moreover, US LNG exports dropped in the week ending May 1, with the Freeport LNG terminal shipping only one cargo during the period, according to the EIA.

Freeport LNG said in March it will operate with only the third train until “sometime in May” when it expects to bring back online the first and the second train.

According to reports, the third LNG train tripped offline on April 9 and on April 23 as well.

Besides Freeport LNG, Chevron Australia, a unit of US energy giant Chevron, is working to resume full production from its Gorgon LNG terminal in Western Australia following a “mechanical fault” which is affecting one LNG production train.

Chevron expects repair activities to “take a number of weeks”.

In Europe, Norway’s Equinor restarted its 4.3 mtpa Hammerfest LNG export plant on April 27 following a gas leak.

Most Popular

BP takes FID on Ginger gas project in Trinidad and Tobago

UK-based energy giant BP has taken the final investment decision on the Ginger gas development offshore Trinidad and Tobago.

Japan’s Tokyo Gas to expand LNG trading business

Japan’s city gas supplier and LNG importer, Tokyo Gas, plans to expand its liquefied natural gas trading business further, including in the US.

Atlantic LNG shipping rates, European prices down

Atlantic LNG freight shipping rates and European prices decreased this week compared to the week before.

More News Like This

Atlantic LNG shipping rates, European prices down

Atlantic LNG freight shipping rates and European prices decreased this week compared to the week before.

Turkish and UK terminals remain top destinations for US LNG cargoes

LNG import terminals in Turkiye and the UK were the top destinations for US liquefied natural gas cargoes for the third month in a row in January 2025, according to the Department of Energy’s LNG monthly report.

Gas deliveries to US LNG export terminals flat

Natural gas deliveries to US liquefied natural gas (LNG) export terminals were almost flat in the week ending March 26 compared to the week before, according to the Energy Information Administration's weekly report.

Snam’s Ravenna FSRU to get first LNG shipment

Snam's 170,000-cbm FSRU BW Singapore, located off Italy's Ravenna, is set to receive the first LNG cargo from the US as part of its commissioning activities.