October 05, 2022 10:47 GMT
LNG floating storage globally has hit record highs in recent weeks ahead of peak winter demand according to Platts analysis.
- There were as many as 33 LNG carriers in floating storage in the week of Sept. 19, which eased towards the end of the month but rose again to around 31 LNG carriers at the start of October.
- This is higher than the last time LNG floating storage hit a record high, at almost 30 vessels in mid-2020.
- Strong demand for storage has also created a shortage of LNG vessels and contributed to the current surge in spot LNG freight rates, which have risen to around $300,000/day from under $50,000/day in a span of 45 days.