Charter rates for the global liquefied natural gas carrier fleet rose last week, while spot LNG prices surged to a new record due to the Russia-Ukraine crisis.
LNG freight rate for a 160,000-cbm TFDE carrier reached $28,250 a day in the Atlantic on Friday, according to Spark Commodities.
Compared to the previous week, the rate rose by $29,25O.
On the other side, the Pacific rate rose slightly, or $750, and it reached $16,000 a day.
LNG freight rates strengthened “significantly” in the Atlantic basin as charterers look to secure vessels amid the market volatility, Spark said.
To remind, the Singapore-based firm reported its first-ever negative spot LNG freight rate at the beginning of February, some three months after charter rates for the global LNG carrier fleet hit their record highs.
LNG freight rate for a 160,000-cbm TFDE carrier reached -$750 a day in the Atlantic on February 7.
Spot LNG prices spike
The rise in charter rates comes at a time when Asian spot LNG prices reached record highs.
The JKM spot LNG price surged to $59.672/MMBtu last Thursday on concern over tight supply due to the Russia-Ukraine conflict and Russian cargo diversions, according to S&P Global Platts.
Previously, the price hit the highest level of $56.326/MMBtu in October last year due to the gas price crisis in Europe.
Platts also said that the delivered price of LNG into Northwest Europe and the value of US FOB Gulf Coast cargoes loading 30 to 60 days forward hit new record highs on March 4.
Platts DES Northwest Europe was assessed at $60.117/MMBtu, up $15.921/MMBtu on the day and above the previous record of $58.638/MMBtu on December 21, 2021.
Moreover, Platts Gulf Coast Marker was assessed at $58.250/MMBtu, up $16.350/MMBtu on the day and above the previous record of $54.95/MMBtu that was also registered on December 21, the agency said.
