LNG shipping rates ‘go negative’
BREAKING: Acute oversupply renders old tonnage less than worthless
Who wants a free LNG vessel? You can’t even give them away these days.
The cost of chartering specialised cryogenic ship for transporting liquefied natural gas (LNG) is plumbing new depths, amid an acute oversupply of tonnage.
Spot charter rates fell within a whisker of $0 per day this week, market sources told Energy Flux, and there is talk of negative rates in the Atlantic basin.
Official price assessments are not quite below zero yet, but it is a distinct possibility. Downward pressure is expected to intensify in the coming weeks and months.
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