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LNG: Atlantic LNG Spot Charter Rates Showing Seasonal Weakness

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Atlantic LNG spot charter rates are showing seasonal weakness as the Spark Atlantic spot freight assessment was at a low of ~57$k/day in mid-September, according to Timera Energy.

  • The lack of a steep Oct-Dec forward curve contango has contributed to year-on-year charter rate weakness. In 2022 & 2023, charter rates surged as a strong contango helped boost floating LNG cargoes for delivery later in winter.
  • The Oct24-Dec24 TTF spread has closed from -3.955/MWh in July to just -1.94/MWh today and compares to a Oct23-Dec23 spread wider than -14/MWh at this time last year.
  • Shorter average voyage times have also weighed on charter rates, Timera said. JKM-TTF spreads narrowed in August and early September, to attract more marginal LNG supply to Europe, amid TTF market concern for winter supply risks.

 

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Atlantic LNG spot charter rates are showing seasonal weakness as the Spark Atlantic spot freight assessment was at a low of ~57$k/day in mid-September, according to Timera Energy.

  • The lack of a steep Oct-Dec forward curve contango has contributed to year-on-year charter rate weakness. In 2022 & 2023, charter rates surged as a strong contango helped boost floating LNG cargoes for delivery later in winter.
  • The Oct24-Dec24 TTF spread has closed from -3.955/MWh in July to just -1.94/MWh today and compares to a Oct23-Dec23 spread wider than -14/MWh at this time last year.
  • Shorter average voyage times have also weighed on charter rates, Timera said. JKM-TTF spreads narrowed in August and early September, to attract more marginal LNG supply to Europe, amid TTF market concern for winter supply risks.

 

Keep reading...Show less