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LNG Charter Rates Fall Amid Lower Gas Prices, Ship Availability

LNG

Charter rates for vessels to move LNG cargoes are declining, primarily in the Atlantic Basin because of declining natural gas prices and higher ship availability after months of tightness according to Spark Commodities.

  • Spot freight rates for 8 Feb – 10 Mar deliveries in the Atlantic at $60,500/day on 24 Jan, down from $75,000/day a week earlier.
  • Pacific Basin rates were at $82,500/day on 24 Jan, down from $103,500/day the week prior.
  • Rates have fallen sharply since the beginning of the year as more vessels have become available amid a slump in demand for cargoes. Increasing tonnage in the market is helping to drag down freight rates, Spark CEO Tim Mendelssohn said.
  • Traders also may be reacting to a possible spring restart for the Freeport LNG terminal, he added.
  • LNG stored for prolonged periods at sea has also declined to the lowest level since early May at 0.3mn t, freeing up ships. LNG stored at sea saw a high in October at 3.4mn t according to Kpler.
  • While rates may be heading further down, the amount of LNG volumes moving has not appeared to slow. Projections showed around 38.3mn t have been shipped so far this month, outpacing December. Around 6.8mn t of those cargoes were tracked from US terminals, Kpler said.
Energy BulletsCommodities
Energy BulletsCommodities

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