LNG

European liquefied natural gas prices dropped as supplies were ample for the remainder of the winter season while Asian spot cargo prices edged higher even as LNG deliveries to China hit seasonal lows ahead of the Chinese New Year holiday shutdown.

The Panama Canal Authority has issued further restrictions for the maximum authorized draft in locks for the Neopanamax-sized and Panamax-sized vessels, including LNG carriers, as it faces drought conditions that are challenging the modernized Canal’s capacity and draft allowances for larger ships now being constructed.

European natural gas prices and LNG values declined along with North Asian spot cargo prices as the Northern Hemisphere winter season fades away amid soft prices in the Atlantic and Pacific basins, high levels of supplies and lower spot shipping charter rates.

GasLog LNG Partners with an operational fleet of 12 vessels reported annual profit of $119 million on revenues of $379M amid a strong charter market with signs pointing to very positive prospects for the rest of 2023.

Asian liquefied natural gas spot prices and European LNG cargo values remained at high levels as the European Union moved towards more regulation of natural gas and power markets and amid the likely failure of US and EU attempts to fully replace Russian pipeline gas supplies from other sources.

Dynagas LNG Partners, the owner of six LNG carriers and with five of them ice-class, has given an upbeat assessment of the cargo market and shipping developments from the safe point of view of all its vessels being on long-term charters.

Sept 30 (LNJ) - Shipping spot charter rates for LNG carriers soared in the West of Suez market with rates rising by up to $18,500 per day to be between $82,000 per day and $78,000 per day for vessels of 155,000-165,000 cubic metres capacity.

   East of Suez spot charter rates showed a more moderate increase of $1,500 per day to be quoted by shipbrokers at between $64,000 per day and $60,000 per day. One-year charter rates for the most modern vessels were unchanged at about $93,000 per day.

Aug 30 (LNGJ) - Shipping spot charter rates for LNG carriers were steady for a second week. Rates in the West of Suez market were quoted at between $72,000 per day and $68,000 per day for vessels of 155,000-165,000 cubic metres capacity.

   East of Suez spot charter rates were between $69,000 per day and $65,000 per day, according to London brokers. One-year charter rates for the most modern vessels were quoted at around $93,000 per day

July 29 (LNG) - Shipping spot charter rates for LNG carriers were unchanged for a second week. Rates in the West of Suez market were quoted at between $67,000 per day and $63,000 per day for vessels of 155,000-165,000 cubic metres capacity.

   East of Suez spot charter rates were between $55,000 per day and $51,000 per day, according to London brokers. One-year charter rates for the most modern vessels were quoted at around $93,000 per day.

July 22 (LNGJ) - Shipping spot charter rates for LNG carriers were unchanged in the past week. Rates in the West of Suez market were quoted at between $67,000 per day and $63,000 per day for vessels of 155,000-165,000 cubic metres capacity.

   East of Suez spot charter rates were between $55,000 per day and $51,000 per day, according to London brokers. However, one-year charter rates for the most modern vessels increased slightly to be around $93,000 per day.