Energy
LNG Freight Rates Extend Rally on Strong North American Exports
An LNG ship docked at a terminal in Sabine Pass, Texas, US.
Photographer: Lindsey Janies/Bloomberg
Spot freight rates for liquefied natural gas tankers extended a surge as record-breaking exports from North America tied up more vessels.
The cost to hire a ship transporting LNG from the US to Europe jumped by about 12% on Friday to $130,750 a day, the highest since December 2023, according to data from Spark Commodities. Rates have rallied since early October as output ramps up from new projects in North America, requiring more vessels to deliver the super-chilled fuel to customers, including in Asia.