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Home Webinars

International scramble for LNG tankers prone to increase fuel costs additional

by manusohal
November 17, 2022
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Highlights

Europe continues to tug vital LNG volumes

LNG tanker constitution charges anticipated to surge heading into winter

Shipyards faucet booming LNG service market

An absence of ample natural-gas tankers because of surging demand for the gas notably from Europe within the wake of an influence crunch and restricted provides is ready to spur one other spike in LNG prices and result in increased chartering charges, business sources mentioned.

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“Brief-term constitution vessels are nonetheless accessible scantily however long-term will not be. There’s not sufficient provide [of LNG carriers],” an business supply mentioned.

Fuel demand has been sturdy with Asia and Europe competing for cargoes and on the lookout for provides from the US and Qatar due to restricted Russian availability.

LNG costs have climbed following the Russia-Ukraine battle, with facility outages worldwide including to the beneficial properties. The most recent casualty is the Nord Stream closure that may doubtless propel fuel values increased, sources mentioned.

The Nord Stream fuel pipeline from Russia to Germany will probably be closed for an indefinite interval after an oil leak was detected in a turbine present process upkeep, in line with a press release from Gazprom by way of Telegram at 1621 GMT Sept. 2.

Europe continues to tug vital LNG volumes, maxing out regasification and downstream interconnector capability over the previous a number of months with deliveries averaging about 400 million cu m/d, S&P International Commodity Insights mentioned in its newest commodity briefing.

TTF values are doubtless keep a major premium to LNG costs in Europe and Asia till new regasification capability arrives in continental Europe early 223, S&P International mentioned.

Most Asian international locations are additionally coping with an vitality disaster and refraining from purchases to chop hovering vitality import payments as costs advance.

Asian spot LNG costs have risen monitoring a good Atlantic Basin, with JKM approaching all-time highs once more in August. The each day bodily evaluation reached $71.01/MMBtu Aug. 25, the best since March 7 when the benchmark hit a report $84.76/MMBtu.

JKM was nonetheless buying and selling at a greater than $20/MMBtu low cost to TTF towards end-August as end-users in Asia, notably price-sensitive markets corresponding to India, Pakistan, and Bangladesh, largely shun spot provides.

Constitution charges swell

Constitution charges are anticipated to extend additional heading into winter on the again of longer-haul journeys wanted to carry extra volumes into Asia as demand picks up seasonally, Jeff Moore, supervisor of LNG Analytics Asia at S&P International mentioned.

“New ships being added within the medium time period may assist mitigate a few of the constitution charge worth spikes, however within the quick future costs are nonetheless anticipated to select up as these take time to construct,” Moore mentioned.

JKM is unlikely to cost at a premium once more to TTF as excessive spot costs cap Asian end-user demand.

“I feel (spot) constitution charges will fly when the winter season arrives,” a chartering supply mentioned.

A dealer mentioned spot constitution charges within the Pacific may contact $400,000/day for a spherical voyage in winter.

Platts assessed the LNG day charge for tri-fuel diesel electrical propulsion ships within the Asia-Pacific at $105,000/day Sept. 6, S&P International information confirmed, up from $30,000/day Feb. 24 when Russia invaded Ukraine, and $320,000/day round Dec. 1 when charges elevated monitoring winter demand.


Chartering exercise has been frantic forward of a partial restart of Freeport LNG towards November. Many charterers are securing ships resulting in a scarcity of LNG tankers for spot voyages, the dealer mentioned.

Most head homeowners have already chartered their ships for time period charters however there may very well be some hidden tonnages that homeowners are warding off the market in anticipation of winter demand, he mentioned.

LNG service demand soars

The race to buy LNG carriers has intensified with Qatar as one of many largest patrons.

About 286 LNG carriers are on order globally till 2028 with 165 ships slated for supply over 2024-2025, business sources mentioned. Most new buildings have a capability of 170,000 cu m or extra.

Shipyards in Asia have been working relentlessly to quench rising demand.

South Korea’s Daewoo Shipbuilding & Marine Engineering Co. in an August presentation mentioned it expects a dramatic enhance in LNG imports to Europe, resulting in a robust LNG service market. The corporate has an orderbook stretching into 3 1/2 years.

Samsung Heavy Industries in a September report mentioned its new orders stood at $7.2 billion over January-September, with LNG carriers comprising $6.1 billion of that worth.

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