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Spark: Pacific LNG freight rates drop to lowest level this year

By LNG Prime Staff
Spark Pacific LNG freight rates drop to lowest level this year
For illustration only (Image: TMS Cardiff Gas )

Spark Commodities reported a further drop in its Pacific LNG freight rates, while the Atlantic rates increased slightly from the beginning of this week.

“Spark25S Pacific LNG Freight has softened further this week, falling $2,250/day from the start of the week to the lowest level this year at $59,500/day,” Spark said on Thursday.

“Meanwhile, the Atlantic rate on the Spark30S route has pushed up $750/day from the year-low at the start of the week to reach $42,750/day,” the company said.

Spark: Pacific LNG freight rates drop to lowest level this year

Both the Atlantic and Pacific rates for 160,000-cbm TFDE carriers fell below $100,000 per day in January, continuing their drop since posting record highs in October and November last year.

The Atlantic LNG freight rates dropped to $51,250/day on March 21 due to high vessel availability and after that they fell below $50,000/day to reach lowest level this year earlier this week.

As per prices in Europe and Asia, both the Dutch TTF and Asian LNG prices dropped considerably this year when compared to 2022.

The TTF price for May settled at $13.463/MMBtu on Thursday, while the JKM spot LNG price for May settled at $12.605/MMBtu.

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