LNG carrier spot rates hit new all-time highs

LNG carrier spot rates have hit new all-time highs on the Pacific. Rates for ships hauling gas from Australia to Japan hit $335,000 per day on Friday, according to data from Spark Commodities as East Asia braces for a cold winter ahead. Japan’s wholesale spot power price surged today to the highest level ever for this time of year.

Rates in the Atlantic are around $250,000 per day as Europe continues to restock gas inventories ahead of colder weather.

“A repeat of last year’s cold winter could result in gas inventories being depleted once again, leading to counter-seasonal strength in LNG prices and shipping rates into spring and summer 2022,” analysts at investment bank Jefferies stated in a new report today.

“Short-term outlook remains firm with further rate gains appearing likely,” Clarkson Research Services suggested in its latest weekly report.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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