SHIPPING costs for liquefied natural gas (LNG) cargoes have fallen to a five-year low as newly built carriers added to the global fleet, Reuters reports
SHIPPING costs for liquefied natural gas (LNG) cargoes have fallen to a five-year low as newly built carriers added to the global fleet, Reuters reports. This, together with shorter voyage times, has outpaced shipping demand with increased vessel availability.
Atlantic freight rates assessed for vessels with two-stroke engines capable of carrying 174,000 cubic metres of LNG, the most common type in the market, were at US$4,250 per day, according to pricing agency Spark Commodities.
Last week, prices plunged to $3,500 a day, the lowest ever in Spark's data which goes back five years.
The Atlantic rates are down 82 per cent since the start of the year, and have dropped over 90 per cent from the same time last year.
Rates for the same class of ship on Pacific routes have nearly halved so far this year, dropping to $11,000 a day on Tuesday, Spark's data showed. That is lowest ever for its dataset and is down nearly 80 per cent from last year.ELINE = Friday, February 21, 2025
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