LNG

Charter rates steady

Shipping charter rates for LNG carriers in the spot market were little changed in the past week in the West of Suez market at between $59,000 per day and $55,000 per day for vessels of 155,000-165,000 cubic metres capacity. For vessels East of Suez fixture levels were down by at least $2,000 per day and were quoted at between $54,000 per day and $50,000 per day, according to London brokers. One-year charter rates for the most modern vessels were unchanged at around $77,000 per day.

Coal-to-gas transition

South Korea, the world’s third-largest LNG importer, will likely see natural gas demand rise 15% over the next 12 years as the country transitions from coal to gas generation and renewables. The energy ministry forecasts gas demand will amount to 41.7 million this year, and grow to 47.9 mt by 2034.