Wednesday, February 8, 2023
spot_img
HomeGasEurope Remains Top Destination for U.S. LNG For 3rd Month

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Europe Remains Top Destination for U.S. LNG For 3rd Month

Europe’s call for U.S. liquefied natural gas continues to run hot in February and is poised to remain the top destination for U.S. shipments for the third month in a row, according to mid-month Refinitiv vessel tracking data on Tuesday.

About three quarters of U.S. LNG volumes went to Europe in January as skyrocketing demand lifted prices and U.S. LNG exports. U.S. LNG exports overall last month hit 7.3 million tonnes. Read full story

“Volumes into Europe remain extremely strong with the U.S. playing a key role,” said Reid I’Anson, senior commodity analyst at data provider Kpler. U.S. exports to Europe this month could be near January’s record, based on Kpler’s preliminary data.

So far this month, the U.S. has exported 3.56 million tonnes of LNG, similar to the half-way market in December, which was the second highest on record, preliminary Refinitiv data showed on Tuesday.

At least half of U.S. LNG shipped this month has gone to Europe, the Refinitiv data showed, as companies look to secure new supplies. Worries over a cutoff of Russian gas, which accounts for about 35% of European consumption, have contributed to the exports, analysts have said.

Prices have tapered off in recent weeks.

The European LNG benchmark on the Dutch exchange traded at $23.35 per mmBtu this week, below the Asia spot gas LNG-ASat $24.70 per mmBtu and below November’s about $31 per mmBtu, Refinitiv data showed.

About 10% of cargoes shipped so far this month have gone to Asia while about 4% of shipments have gone to Latin America, the data showed. About a third of tankers have not disclosed a destination.

The Panama Canal last week said it was seeing increased seasonal demand for passage, but there was fewer LNG vessels crossing the canal due to warmer temperatures in Asia.

[reuters]

Related Posts

Video

Finance & Economy
Shipping News
Ports

Royal Caribbean set for record bookings after smaller loss

Royal Caribbean Group reported fourth quarter 2022 Loss per Share of $(1.96) and Adjusted Loss per Share of $(1.12). These results exceeded the company's...

Frontline: Emergency Arbitration claims initiated by Euronav fully dismissed

Frontline plc, formerly Frontline Ltd., announces that the Emergency Arbitration claims filed by Euronav have been fully dismissed by the Emergency Arbitrator. The decision was...

DP World reports solid volume performance in 2022

DP World Limited handled 79.0 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in full year 2022, with gross container...

LNG boosts CPLP 2022 results

Capital Product Partners L.P. released its financial results for the fourth quarter ended December 31, 2022. Highlights  Three-month periods ended December 31, 20222021Increase/(Decrease)Revenues$79.9 million$63.6 million26%Expenses$42.1 million$35.7...

Keppel Corp posts 9% drop in full-year profit

Singapore’s Keppel Corp said on Thursday its net profit for the year fell 9%, partly hurt by weak performance from its urban development business...

Royal Caribbean set for record bookings after smaller loss

Royal Caribbean Group reported fourth quarter 2022 Loss per Share of $(1.96) and Adjusted...

Baltic Index Extends Fall On Lower Rates For Panamax, Supramax

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index hits nearly three-year low on weaker vessel demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index hits over 2-year trough on waning demand for larger vessels

The Baltic Exchange’s dry bulk sea freight index dropped to its lowest level in...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury...

Clarkson Port Services acquires offshore renewable energy service provider, DHSS

Clarkson announced that its wholly owned subsidiary, Clarkson Port Services, has completed the acquisition of DHSS, a leading provider of integrated logistics services to...

DP World reports solid volume performance in 2022

DP World Limited handled 79.0 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in full year 2022, with gross container...

DP World wins bid for development of a mega-container terminal at India’s Deendayal Port

DP World has won a major concession to develop, operate and maintain the mega-container terminal at Deendayal port in Gujarat, on the western coast...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury cruising will be one of the main highlights of the...

Port of Los Angeles proposes cruise terminal project

The Port of Los Angeles is inviting comments on a draft Request for Proposals (RFP) for the future development of a new Outer Harbor...