LNG Tanker Rates More than Double in Two Weeks as Power Crisis Drives Demand

Shipping rates across all routes are up this week and will likely break previous record high levels, a Singapore-based LNG trader said.

Jessica Jaganathan, Reuters

Tanker rates to ship LNG have more than doubled since the start of the month as a power crisis in Asia and Europe drives up demand for vessels, industry sources said on Oct. 19.

The daily charter rate for a tri-fuel diesel-electric (TFDE) vessel that can carry 160,000 cubic meters of LNG to Pacific basin ports rose to $202,500 a day on Oct. 19, the highest since Jan. 15, according to data from Spark Commodities.

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