European and Asian LNG prices rise for fourth week even as warm weather leads to EU storage builds in south
European and Asian liquefied natural gas cargo pricesincreased for a fourth straight week with the Northern Hemisphere winter gas season ending on a high storage note and as some European Union nations even built their storage this week as demand was mixed in the north and the south.
European natural gas prices retreat to 28-month lows while Asian LNG cargo margins widen on supply conditions
European liquefied natural gas price benchmarks dropped this week to their lowest since late July 2021 when energy security contagion first entered the market as North Asian spot cargo prices also lost ground but at a slower pace.
Spot ship rates down
Sept 16 (LNGJ) - Shipping spot charter rates for LNG carriers dropped in the past week by $3,500 per day to between $63,500 per day and $59,500 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 $60,500 per day and $56,500 per day, according to London brokers. One-year charter rates for the most modern vessels were unchanged at about $93,000 per day.
Höegh LNG charters
Feb 9 (LNGJ) - Höegh LNG reached an agreement with global commodities firm Trafigura for an extension of the existing interim LNG carrier time charter for the “Höegh Gannet” vessel by 12 months and entered into a new interim time charter for the “Höegh Gallant” for 12 months from the redelivery from its current charter at the end of March 2021. The Norwegian company had a further charter to report in an agreement reached with Cheniere Energy of the US to extend the existing interim charter for the “Höegh Galleon”.
“The rates for the above-mentioned time charters are consistent with the term market rates for trifuel-diesel-electric LNGCs and modestly above those achieved for ‘Höegh Gallant’ and ‘Höegh Gannet’ in 2020,” said Höegh. The three time charters include extension options for the charterers which can result in back-to-back employment with potential new FSRU awards,” it added.
John Fredriksen-backed Flex LNG reports vibrant charter market and rising revenues
Flex LNG, the growing LNG shipping company with four vessels operating and nine others on order and whose shareholders include trusts connected to Norwegian magnate John Fredriksen, reported rising third-quarter revenues of $19 million and a booming winter charter market.
