LNG

The European energy crisis is expected to last for several years and in addition to limits on global liquefied natural gas supplies there has also been less than adequate investment in regasification facilities.

July 26 (LNGJ) - Russian Prime Minister Mikhail Mishustin said the Government and the Sakhalin Region of the Russian Far East were examining plans to supply liquified natural gas to the Kuril Islands. There is still a dispute between Russia and Japan over the status of the Kuril Islands, located between the Japanese island of Hokkaido at the southern end and the Russian Kamchatka Peninsula in the north. The volcanic archipelago comprises 56 islands taken over by the Soviet Union at the end of World War II and have since been considered as part of Russia.

   Mishustin said that Russia was considering supplying regasification and some power infrastructure to the Kurils to run on small-scale LNG shipments from Gazprom’s Sakhalin Energy LNG plant, which also supplies Japanese utilities. “LNG is probably the best option given the current global green energy requirements. This would be an excellent solution,” said the Russian PM in a statement.

Jan 14 (LNGJ) - Shipping charter rates for LNG carriers in the spot market increased as Northern Hemisphere winter market demand surged. Rates were quoted at an average of between $168,000 per day and $172,0000 per day West of Suez. Spot rates of $158,000 to 162,000 were heard for the East of Suez charter market for vessels of between 155,000-165,000 cubic metres capacity, according to various brokers. One-year time charters also increased for the most modern vessels and ships were available for around $49,000 per day.

Japanese liquefied natural gas imports increased last month after falling in the previous two months with Asian nations and Australia providing more supplies at prices down 44 percent from a year ago.