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Spot LNG Freight Rates Almost Triple in October, Drewry Says

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Nov. 8 (Bloomberg) -- The cost of shipping supplies of liquefied natural gas under short-term, or spot, contracts almost tripled in October compared with a year earlier, according to Drewry Maritime Services Ltd.

Daily freight rates for spot LNG vessels rose to $112,000 in October from $42,000 a year earlier and from $110,000 in September, Pranay Shukla, a Gurgaon, India-based analyst at the shipping consultant, said in a note e-mailed today. Long-term rates climbed 29 percent to $90,000 a day last month.

Rates for spot charters averaged $92,500 a day so far this year, compared with $40,700 in 2010, Drewry said. Long-term rates averaged $79,200 through this year.

The LNG tanker fleet grew to 355 vessels last month from 349 a year earlier, with an additional 65 vessels on order, according to the note.

To contact the reporter on this story: Dinakar Sethuraman in Singapore at dinakar@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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