Asian buyers of US LNG cargoes bypass the Panama Canal, avoid spot cargoes
Tuesday, 02 January 2024
Faced with tighter restrictions to transit the drought-stricken Panama Canal, South Korean and Japanese utility buyers of US LNG have started bypassing the waterway, or avoid spot cargoes altogether. Cargoes are now shipped through the Suez Canal or around the Cape of Good Hope, while the Asian gas price premium compared to Europe for the summer-2024 contract has more than doubled.
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