LNG

Global liquefied natural gas and spot and future wholesale pipeline gas prices lost some ground over the past week though the market remained volatile as shipping insecurity on Middle East routes was expected to last into 2025.

European and Asian liquefied natural gas prices and futures surged again as Israel targeted military assets in Iran overnight with a wider Middle East conflict threatening LNG cargo deliveries from Qatar as departures were lower this week because of shipping security as well as weather issues.

Global liquefied natural gas prices rebounded this week led by European Union prices that reversed a 10-week slide with a double-digit increase as Asian spot cargo values also rose with shipping rates and against the background of a record EU gas storage build.

North Asian spot cargo prices surged by over 14 percent, though failed to keep pace with the rising European Union benchmark as this week saw most leading EU LNG nations drawing on their gas storage as colder weather arrived and as shipping windows opened with falling charter rates.

The Dutch Title Transfer Facility price, the European Union benchmark for LNG and natural gas markets, hit a 2022 record while North Asia spot cargo prices lagged in comparison by over $15 per million British thermal units with shipments pointing at the EU valued at over $200 million each.

Shipbrokers in the London market reported a move to more charter activity in September as August had seen the LNG market feel very subdued on a prompt basis with notably fewer spot fixtures than in the previous month.

Sept 9 (LNGJ) - Shipping spot charter rates for LNG carriers dropped in the past week by $3,000 per day to between $67,000 per day and $63,000 per day in the West of Suez market for vessels of 155,000-165,000 cubic metres capacity.

   East of Suez spot charter rates fell by the same amount to be quoted at between $64,000 per day and $60,000 per day, according to London brokers. One-year charter rates for the most modern vessels were unchanged at about $93,000 per day.

Sept 2 (LNGJ) - Shipping spot charter rates for LNG carriers declined by $2,000 per day to between $70,000 per day and $66,000 per day in the West of Suez market for vessels of 155,000-165,000 cubic metres capacity. East of Suez spot charter rates fell by the same amount to be quoted at between $67,000 per day and $63,000 per day, according to London brokers. One-year charter rates for the most modern vessels were unchanged at about $93,000 per day.

May 6 (LNGJ) - Shipping charter rates for LNG carriers in the spot market were still at high levels in the Atlantic and Pacific basins. Spot charters for West Of Suez increased  again on the week by around $2,000 per day to average between $75,000 per day and $79,000 per day for vessels of 155,000-165,000 cubic metres capacity. In the East of Suez charter market average rates also rose by around $2,000 per day to between $70,000 per day and $74,000 per day, according to various brokers. One-year charter rates for the most modern vessels also increased to around $75,000 per day.

Feb 18 (LNGJ) - Shipping charter rates for LNG carriers in the spot market have plunged again this week by over $10,000 dollars per day. Rates were quoted at an average of between $56,000 per day and $52,000 per day for vessels of between 155,000-165,000 cubic capacity in the West of Suez market. In the East of Suez charter market, rates were offered for ships at between $52,000 per day and $48,000 per day, according to various brokers. One-year time charters for the most modern vessels were available for around $48,000 per day.