Glut of U.S. LNG Cargoes Headed to Europe Sends Freight Rates Below Zero - Printable Version
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Glut of U.S. LNG Cargoes Headed to Europe Sends Freight Rates Below Zero - Levin - 10-02-2022
By Ann Koh (Bloomberg)
February 8, 2022
The cost to transport a shipment of U.S. liquefied natural gas to energy-starved Europe turned negative, a dramatic reversal that illustrates a growing glut of ships in the Atlantic ferrying American fuel.
Spot freight rates in the Atlantic crashed to -US$750 per day on Tuesday, down from US$273,000 in early December
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LNG deliveries to Europe hit a record-high last month as traders redirected shipments toward the continent and away from Asia in order to take advantage of attractive spot prices. The enormous shift in trade flows has meant that there are now too many LNG vessels in the Atlantic Basin.
https://gcaptain.com/glut-of-u-s-lng-cargoes-headed-to-europe-sends-freight-rates-below-zero/
RE: Glut of U.S. LNG Cargoes Headed to Europe Sends Freight Rates Below Zero - cityhantam - 10-02-2022
Assmerica has played until everything is upside down!