Spot LNG prices, charter rates continue to skyrocket

Spot LNG prices but also charter rates are continuing an unbelievable surge due to a cold snap in Asia and Europe.

The average LNG price for February delivery into northeast Asia hit a record high of around $28.221 per mmBtu on Monday, according to S&P Global Platts.

Trader Trafigura purchased a 3.2 trillion British thermal unit cargo for delivery in mid-February from Total Gas and Power Asia at a record $39.30 per mmBtu, the agency said.

This could well be the most expensive LNG cargo ever sold.

In addition, freight rates are also surging as charterers scramble to find ships.

LNG freight rates hit $322,500 a day in the Atlantic on Friday, Spark Commodities said.

LNG rates more than doubled since previous highs in October 2019 but they also increased 18 times more compared to lows in June 2020, Spark said.

Moreover, several reports suggest that BP paid an unprecedented rate of $350,000 per day to charter LNG Abalamabie.

Most Popular

Excelerate buys GasLog LNG carrier

US FSRU player Excelerate Energy has purchased a 2007-built steam liquefied natural gas (LNG) carrier from GasLog Partners, a part of Greek LNG shipping firm GasLog, according to brokers.

NextDecade, Bechtel agree $9 billion EPC deals for two Rio Grande LNG trains

US LNG firm NextDecade and compatriot Bechtel have finalized EPC contracts worth $9.09 billion for the construction of the fourth and fifth trains and related infrastructure at the Rio Grande LNG facility in Texas.

Atlantic LNG shipping rates jump to $49,750 per day

Atlantic spot LNG shipping rates rose to $49,750 per day this week, while European prices also jumped compared to the previous week.

More News Like This

Atlantic LNG shipping rates jump to $49,750 per day

Atlantic spot LNG shipping rates rose to $49,750 per day this week, while European prices also jumped compared to the previous week.

Atlantic LNG shipping rates rise to $33,000 per day

Atlantic spot LNG shipping rates rose to $33,000 per day this week, while European prices increased slightly compared to the previous week.

Spot LNG shipping rates remain steady this week

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.

Atlantic LNG shipping rates continue to decrease

Atlantic LNG freight shipping rates continued to decrease this week, while European prices also dropped compared to last week.