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US LNG Exports Via Cape of Good Hope Elevated in Jan: Platts

LNG

The proportion of US LNG exports sent around the Cape of Good Hope remains elevated in January Red Sea attacks and a drought at the Panama Canal, Platts said.

  • 4.55m mt of LNG was exported from the USA in January to date. 280k mt went via the Panama Canal with 530k mt via the Cape of Good Hope. There were no cargoes transiting Suez.
  • Of December’s 8.82m mt, 790k mt went via the Panama Canal, 1.23m mt via the Cape of Good hope, and 360k mt via the Suez Canal.
  • Suez had been the main alternate route to Asia after the Panama Canal became enmired in delays due to a drought, but Middle East tensions have drawn cargoes to the Cape.
  • Sources told Platts that the longer voyages could tighten vessel availability in the coming weeks, although poor arbitrage economics and healthy spot availability have limited upside to freight rates.
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