June 13 (Reuters) – Spot-market rates for liquefied natural gas (LNG) tankers this week set annual records as traders bid up available vessels to meet rising global demand for the chilled gas,.
Spot market rates for liquefied natural gas tankers set new records for the year this week as traders bid up available vessels to meet rising global demand, Reuters reported on.
Liquefied natural gas is in short supply, the tight market is expected to continue for two or three more years, and new Russian LNG production planned to come online during that time could be delayed by Western sanctions. It’s all driving up prices, while more buyers are signing contracts to lock in supplies. That’s good news for sellers and export project developers.
Venture Global LNG has started securing buyers for CP2, which would be its third terminal on the US Gulf Coast, amid a flurry of new offtake agreements for US LNG [Gas in Transition, Volume 2, Issue 5]