More natural gas cargoes are being diverted away from China to Europe, as traders spend hundreds of thousands of dollars to take advantage of a rare price premium before it disappears.
Thirteen liquefied natural gas carriers shipping supply mainly from the U.S. and West Africa are re-routing to Europe instead of Asia, according to shipping data from Kpler and Bloomberg. That’s up from about eight ships spotted a week earlier. In one case, traders are sending a ship back through the Panama Canal, paying canal charges of almost $400,000 for a second time, according to Bloomberg estimates.
