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

BP, partners take FID on $7 billion Tangguh UCC project

BP said in a statement on Thursday the Tangguh Ubadari, CCUS, compression project (UCC) has the potential to unlock...

CoolCo seeks long-term employment for two LNG carriers

In August, Coolco said it plans to employ its first newbuild LNG vessel, Kool Tiger, on a shorter deal...

LNG Canada pipeline enters commercial service

Canada's TC Energy said on Tuesday CGL had executed a commercial agreement with LNG Canada and CGL customers that...

More News Like This

Atlantic LNG shipping rates dip to record low

Last week, Atlantic LNG shipping rates rose for the second week in a row. “Spark30S Atlantic rates have fallen $10,500...

GECF: global LNG imports up 8.6 percent in October

In October, global LNG imports increased by 2.73 Mt y-o-y to 34.40 Mt, Doha-based GECF said in its monthly...

Atlantic LNG shipping rates rise to $26,000 per day

Last week, Atlantic LNG shipping rates rose for the first time in seven weeks. “Spark30S Atlantic rates have experienced the largest...

Atlantic LNG shipping rates rise for first time in seven weeks

Last week, LNG shipping rates continued to slide in both basins. “Spark30S Atlantic rates have experienced a week-on-week increase for the first...