About 30 LNG Tankers Anchored Off Fujairah in U.A.E., Pan EurAsian Says
About 30 liquefied natural gas tankers are located off Fujairah in the United Arab Emirates, with some holding the cleaner-burning fuel, according to a U.S. energy consultant.
The vessels include 26 Q-class tankers with a capacity of more than 200,000 cubic meters each, Pan EurAsian Enterprises Inc. said in an e-mailed note yesterday, citing data from Odysseus tracking service.
The total capacity of the ships is about 6.4 million cubic meters, or about 13 percent of the world’s floating LNG capacity, according to the Pan EurAsian note. The 30 ships hold about 135 billion cubic feet of natural gas, it said.
An oversupply of gas and weak demand has sent spot charter rates to the lowest in five years. Qatar, the world’s biggest producer of LNG, was idling at least eight tankers in the Gulf of Oman, according to ship-tracking data from AIS Live Ltd. as of June 3. The vessels have a combined capacity of 1.8 million cubic meters, enough to supply the U.K. for more than a month.
Imports into the U.K. for June are at their lowest level since October, led by declines at the South Hook terminal, the main importer of LNG, according to the consultant. Qatar is a supplier to South Hook.
Qatar will idle 66 percent of its export plants this year, according to Poten & Partners.
LNG is created by cooling gas to about minus 260 degrees Fahrenheit (minus 162 degrees Celsius), shrinking it to about a 600th of the original volume, according to the U.S. Department of Energy.
To contact the reporter on this story: Dinakar Sethuraman in Bali at dinakar@bloomberg.net.
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