LNG Shipping Rates Surge to Multi-Month Highs Due to Tighter Vessel Availability and Winter Demand

Shipping rates for liquefied natural gas have surged to multi-month highs as a result of constrained vessel availability, delayed cargo deliveries to Egypt, and growing demand in anticipation of the winter season, according to industry sources. The heightened prices have intensified competition for available LNG carriers, marking a significant turnaround from the subdued shipping rates observed earlier this year. In the Atlantic region, rates for LNG carriers with a capacity of 174,000 cubic meters have climbed to $61,500 per day, a substantial increase from previous levels. Similarly, rates in the Pacific market have risen to $42,250 per day, driven by supply chain disruptions and increased seasonal stocking. Stephen Gordon, managing director at Clarksons Research, attributes the rate hikes to delays in LNG cargo discharge to Egypt, which have disrupted vessel schedules and heightened demand for charters.