The Next Energy Threat Is From Surging Costs for Shipping
- Surging rates mean more costly oil and gas for Asian buyers
- Very few LNG ships available for hire this winter, Flex says
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Costs for shipping energy are surging as Europe’s scramble for supplies creates a shortage of vessels to carry essential fuels this winter.
Ships are carrying liquefied natural gas, diesel and crude to Europe from further away than usual to replace Russian energy supplies, as the conflict in Ukraine shows no sign of ending. That’s keeping vessels occupied for longer and delaying their return to service, sparking a rally in global freight rates, said shipping experts.