30 Apr '18, 6am

Growing #LNG supply and US-Asia trades soak up shipping glut. @HowsonMarc and @ericyep report:

Growing #LNG supply and US-Asia trades soak up shipping glut. @HowsonMarc and @ericyep report:

New liquefied natural gas projects and longer trade routes from the US to Asia are soaking up the surplus LNG shipping capacity that had built up in recent years, executives at an LNG forum in Singapore said this week. Consequently, the LNG shipping market is tightening rapidly, which could lead to a shortage of ships in the next two-three years, especially on the spot market where market participants do not have the protection of long-term charters. Tighter shipping supply is likely to increase LNG freight rates and make it more difficult for US LNG cargoes to reach distant markets in Asia as arbitrage economics get tougher. "There will be a shortage of ships. And you cannot add new orders in the next couple of years," BW LNG's managing director Yngvil Eriksson Asheim, said at the Sea Asia LNG Forum in Singapore. It takes roughly two years to build an LNG carrier. She sai...

Full article: https://www.platts.com/latest-news/shipping/singapore/gro...

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