LNG freight rates plummet as sector grapples with glut of ships

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Financial Times 15h ago

LNG freight rates plummet as sector grapples with glut of ships - Financial Times

Quick Summary:

Negative charter rates for LNG carriers are rare but were recorded by Spark in February 2022, in the run-up to Russia’s invasion of Ukraine.

The cost of hiring a modern LNG carrier — the dominant vessel type on the market — on a short-term basis in the Atlantic basin was on average $19,700 a day in November, according to data from Spark Commodities, the lowest assessed in data going back to 2019.

While energy companies forecast that demand for LNG will surge in the coming decades, mostly from developing Asian countries switching their fuel from coal to gas, LNG freight rates in the short term are likely to be depressed, say analysts.