LNG tanker charter rates leap to YTD highs - Reuters
Jun. 13, 2022 6:47 PM ET Frontline Ltd. (FRO), NAT, GLNG NVGS, DHT, GLOP, NMM, STNG, TNK, EGLE, INSW, SBLK, GNK, ASC, TNP, GRIN, EURN, DSX, SB, DLNG, LNGBy: Carl Surran, SA News Editor 33 Comments
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Spot market rates for liquefied natural gas tankers set new records for the year this week as traders bid up available vessels to meet rising global demand, Reuters reported on Monday.
Spot rates for transporting 160k cm of LNG in the Atlantic Basin reached $100K/day and $85K/for Asia, or the East-of-Suez, cargoes, shipbroker and LNG consultancy Poten & Partners told Reuters.
Soaring demand for LNG and buyers shunning Russian cargoes and vessels over its invasion of Ukraine have led to more long-term charters, limiting the supply of vessels to the spot market, Poten's Jason Feer said, adding the fire that knocked out the Freeport LNG gas processing and export terminal has not affected the increase in spot rates.
Buyers who were caught short of transport in the last two winters turned to long-term charters, thus fewer vessels will be coming off charters in the coming months, keeping supply tight, according to Feer. |
