Spot rates for transporting 160,000 cubic meters of LNG in the Atlantic Basin is $100,000 per day, and $85,000 per day for Asia, or the East-of-Suez, cargoes, said Poten's head of business intelligence Jason Feer. Argus LNG freight rates are independent and robust, informed by a diverse and global set of information contributed by charterers, vessel owners, trading firms and brokers. Asian LNG prices slide amid stable European gas flows Both prices are up substantially compared to the average for the year, with year-date average for Asia of $49,000 per day. There are mounting concerns that the limited availability of LNG vessels could cause cargo disruptions. The charts / data below are samples. Lng Charter Rates - Latest shipping and maritime news | TradeWinds Shell Plc booked the Yiannis to load a US cargo at the end of October for delivery to Europe at a rate equivalent to $. A Q-Flex vessel Al Sheehaniya, carrying super-chilled LNG from Qatargas (file picture). The Argus Round Voyage rates are for a standard, fungible vessel, offered cold for single-cargo fixtures beginning between five days after the date of assessment and the end of the following calendar month, with the following specifications: To participate in the Argus assessment process, please contact: LNG Daily Editor, Harry Homan, in London; or Asia LNG Editor, Camille Klass, in Singapore. Forward assessments for LNG carrier. Theres really no cap until the freight becomes really, really high., Scorpio Tankers (NYSE: STNG) President Robert Bugbee noted that his company fixed tankers on individual voyages this summer at over $100,000 per day and not one time have we had phone calls from the heads of BP or Shell ringing up and saying, What the hell are you doing screwing our guys over?. Effective April 1, 2023, the procurement component of the core sales rate will decrease 16.553 /therm to 43.120 /therm. Europes insatiable thirst for LNG is the key driving force behind the rapidly tightening shipping fundamentals. Your email address will not be published. According to brokers, owners can now achieve three-way economics, which means they are compensated not just for a regular round voyage but also for positioning voyages. Copyright 2023, All Rights Reserved, FreightWaves, Inc, LNG shipping rates shooting for the stars at $500,000 per day, Loaded & Rolling (Enterprise Fleet News/Analysis), can make $200 million in profits moving a single shipload of LNG, Rates have gone into the $300,000s per day, It sparked an outcry among containerized cargo shippers. LNG carrier rates top $260,000 per day as arbitrage profits exceed U.S. Natural Gas Prices Jump To Two-Week High, Large Crude Inventory Draw Jolts Oil Prices, The Brent Oil Benchmark Is About To Change Forever, The 10 Most Incredible Oil And Gas Discoveries Of All Time, Oil Discoveries Made Guyana The Worlds Fastest-Growing Economy. These are extremely high period rates for modern tonnage, said Kalleklev. LNG spot charter rates more than tripled since the start of September, to hit over $300,000/day in the Atlantic basin and over $250,000 in the Pacific. Your email address will not be published. Having it Both Ways ADNOC Aims To Grow Energy Market Share In Europe. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Spot earnings have reached dizzying heights, Clarksons Securities analyst Frode Mrkedal wrote. That email address is already in the database. googletag.defineSlot('/21776187881/FW_Super_Leaderboard', [[300, 50], [970, 90], [300, 100], [728, 90]], 'div-gpt-ad-1668097889433-0').defineSizeMapping(gptSizeMaps.banner2).addService(googletag.pubads()); You can unsubscribe from these updates at any time. One-year time charter rates for TFDE LNG carriers averaged $155,000 per day in the first quarter of 2023, about 18% lower than rates in the fourth quarter of 2022, reflecting the seasonal downturn. 10 yrs ago concern was raised that should have 2 more major refineries be built and 3 large LN G terminals This 13th edition of the IGU World LNG report has become one of the most anticipated, in light of another, even more eventful year for the LNG sector. Soaring demand for LNG and buyers shunning Russian cargoes and vessels over its invasion of Ukraine have led to more long-term charters, limiting the supply of vessels to the spot market, said shipbroker and LNG consultancy Poten & Partners. GasLog Partners LP Reports Financial Results for the Spot ship rates have been dramatically impacted by energy. The newbuild situation supports the long-term charter market in several ways. Then the invasion in February prompted an all-out scramble for LNG to replace Russian pipeline supplies. , said traders. GasLog Partners LP Reports Financial Results for the Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. "It's not really a market," said Kalleklev of the current spot LNG shipping business. California Natural Gas Industrial Price (Dollars per Thousand Cubic Feet) The European hub price of natural gas, TTF, hit $84 per million British thermal units (MMBtu) on Monday. Please enter your username or email address to reset your password. To complement these, we have now launched three new round voyage rates: ARV1 (Australia-northeast Asia); ARV2 (USGC-northwest Europe) and ARV3 (USGC-northeast Asia). Shares rose 6% Wednesday and closed up 132% year on year. When you speak to one of our experts, you may be qualified to sample our industry-leading products on a no-cost basis. Day rates bottomed in March and have been very strong since May. Gas supplier Russia is at war, it has shut off supplies to Germany, and someone just sabotaged two pipelines in the Baltic. window.googletag = window.googletag || {cmd: []}; Highlights: Vessel operating revenue of $74.6 million for the first quarter 2022, compared to $114.6 million for the fourth quarter 2021. Gas Procurement Prices . Skip to content. Flex LNG - First Quarter 2022 Earnings Release - FLEX LNG LNG spot charter rates hit new highs | Global LNG Hub Sign in to get the best natural gas news and data. }); Of its 13 vessels, 12 are on fixed-rate, multiyear employment. And with more ships available in the market, [MEGI] rates plummeted back to around $60,000-$70,000, said Kalleklev. The fire that knocked out the Freeport LNG gas-processing and export terminal has not affected the increase in spot rates, he said. googletag.enableServices(); LNG carrier spot rates ease into 2023 but term business active The leading economics blog online covering financial issues, geopolitics and trading. Weekly newsletter each Wednesday more info. Notice: By accessing this site you agree that you will not copy or reproduce any part of its contents (including, but not limited to, single prices, graphs or news content) in any form or for any purpose whatsoever without the prior written consent of the publisher. One-year rate signals optimism into next year The benchmark one-year charter rate for LNG carriers jumped 74% to $82,000 a day since the start of 2021, according to Fearnleys, which is the. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot2', [[468, 60], [728, 90], [300, 100], [320, 50]], 'div-gpt-ad-1665767472470-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); Please upload a smaller file. The term market has remained strong for this whole period. LONDON (Reuters) - Asian spot liquefied natural gas (LNG) prices declined this week, tracking European gas prices which fell due to stable Russian gas flows and LNG supply. Supplemental Applications are being pended at an alarming rate. The fire that knocked out the Freeport LNG gas-processing and export terminal has not affected the increase in spot rates, he said. Your email address will not be published. Why natural gas prices and bills - Los Angeles Times LNG in an era of lower oil prices - Norton Rose Fulbright Spot charter rates for LNG ships have similarly varied over a wide range since 2019. . Then the invasion in February prompted an all-out scramble for LNG to replace Russian pipeline supplies. googletag.cmd.push(function() { Bloomberg said Europe is "to replace Russian pipeline flows with liquefied natural gas from suppliers including in the US and Nigeria." The number of LNG ships available for spot deals is exceptionally limited. The industry leader for online information for tax, accounting and finance professionals. They also said that without a plan to have safe truck parking with electric plugs and hourly pay and overtime truck driver turnover would remain high. Successfully subscribed to our newsletter, File too large. Pacific rates continued to soften, falling to . Instead, spot cargo rates last week rose 4% to 30% depending on the vessel size and location. Tanker Rates Turn Negative As U.S. LNG Flocks To Europe The ARV rates include all costs paid from charterer to owner ensuring that they capture any change in the transaction costs for a standard voyage on the benchmark routes, and are normalised to a $/day unit based on a fixed number of days. EVERY WEDNESDAY! "Shipowners enjoy good charter rates," Kim said. MEGI spot rates are back up to around $120,000 per day. Flex LNG Ltd. ("Flex LNG" or the "Company") today announced its unaudited financial results for the three months ended March 31, 2022. And these rates are expected to keep climbing. Merchant of Record: A Media Solutions trading as Oilprice.com. googletag.cmd.push(function() { Rates then rebounded, with the most fuel-efficient models with MEGI or XDF propulsion back to $100,000 per day by May. More FDI needed to enhance Qatar's LNG production capacity: IIF. But the current market situation is unprecedented. RELATED POSTS This is around three times the charter rates we have seen a year ago at the beginning of the heating season. }); On Sept. 26, Pareto analyst Eirik Haavaldsen predicted that liquefied natural gas shipping rates could top $1 million per day in the fourth quarter. . The LNG shipping sector is booming even more as rates near record highs following the bombing of the Nord Stream pipeline system last week. googletag.enableServices(); Europe has been gobbling up LNG spot cargoes on an unprecedented level, said Kalleklev. 2023 North American Pipeline, LNG & Market Hubs Map, 1Q23 N.A. These cookies do not store any personal information. In LNG trading, its all about the arbitrage. googletag.pubads().enableSingleRequest(); What do crazy $500,000-per-day rates say about shipping demand? googletag.pubads().collapseEmptyDivs(); LNG Carrier Spot Charter Rates Hit Record Highs - MarineLink Fewer vessels will be coming off charters in the coming months, keeping supply tight, he said. Spot rates for transporting 160,000 cubic meters of LNG in the Atlantic Basin is $100,000 per day, and $85,000 per day for Asia, or the East-of-Suez, cargoes, said Poten's head of business intelligence Jason Feer. Actually, the delivery time for an LNG ship is now longer than [the construction time] for most LNG export plants.. According to Clarksons Platou Securities, spot rates for tri-fuel, diesel-electric (TFDE) propulsion LNG carriers are now averaging $112,500 per day, up 105% month-on-month. googletag.pubads().collapseEmptyDivs(); The US, Australia, and Qatar lead the number of LNG shipments in 2023 thus far, Doha-headquartered GECF noted. Global LNG liquefaction capacity is set to expand by over 36%. By ICIS. LNG contracts and LNG spot and short-term trading Name: Infocus International Website: . Loaded & Rolling (Enterprise Fleet News/Analysis), Some individual deals were reported at over $300,000 per day, an all-out scramble for LNG to replace Russian pipeline supplies. googletag.enableServices(); googletag.pubads().enableSingleRequest(); googletag.enableServices(); But it all comes down to the profit a shipper can make on a cargo. The plant is out of operation through at least month's end. Argus Media may use the details submitted to send you information about related Argus products and services which may be of interest to your business. 2023 Argus Media group. The plant is out of operation through at least month's end. LNG shipping costs - Inside Logistics In container shipping, spot freight rates topped $30,000 per forty-foot equivalent unit last year. googletag.defineSlot('/21776187881/FW_Super_Leaderboard', [[300, 50], [970, 90], [300, 100], [728, 90]], 'div-gpt-ad-1668097889433-0').defineSizeMapping(gptSizeMaps.banner2).addService(googletag.pubads());
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