Liquefied natural gas shipping rates in both the Atlantic and Pacific regions have returned to levels from before the start of the U.S.-Israel war with the Islamic Republic.
According to Reuters, strong European demand for LNG is expected to curb shipping costs in winter, as more cargoes remain in the Atlantic region.
Based on data from the Spark Commodities pricing institute, the shipping rate in the Atlantic for the market’s typical vessel types was $25,750 per day on Tuesday. A multi-year record of $287,500 per day was recorded in early Esfand, and $42,750 per day in the days before the war.
Shipping rates in the Pacific for the same vessel category were $39,000 per day, versus $225,750 per day in early Esfand.
The increase in new vessels and the redirection of more U.S. cargoes from Asia to Europe has shortened journey distances and increased access to vessels.
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