The freight market for LNG carriers continues its upward trajectory, within November, reaching new highs for the year, according to Intermodal. According to the latest data, spot market rates for a vessel with a capacity of 174,000 c.m. have soared to $/day, significantly above the year’s average of $/day. In fact, according to market circles, rates are expected to exceed even $/day.
Simultaneously, the time charter market has stabilized. In particular, the average rate for annual time charter contracts is hovering near $/day, slightly below the year’s average to date of $/day.
A key driver of this surge has been the rise in LNG demand in Europe, as well as the frenetic pace at which LNG is being exported from the United States.
At the same time, the immediate “need” of Ukraine, following the Russian attacks on its natural gas network, has led to agreements for the supply of liquefied natural gas from the USA through Greece and the Baltics. Finally, it is worth noting that, since the summer, Egypt’s liquefied natural gas (LNG) imports have increased significantly, to almost triple the levels compared to last year, supporting domestic electricity production and industrial demand.
