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The average spot price for a 174,000-cubic-meter LNG carrier as of Friday (September 23) surged 36% from a week earlier to a new record high of $297,500 a day, according to Clarksons data.
"The price of LNG carriers continues to see a strong upward trend as available vessels are very tight," a recent Jefferies report noted, adding that the industry benefited from strength in Europe and Asia for U.S.-origin cargoes need. Demand from Europe, Japan, South Korea, Taiwan and Thailand is expected to increase by a combined 46.6 million tonnes this year, with Europe accounting for 85% of that, as the continent is reducing deliveries from Russian pipelines, said Oystein Kalleklev, chief executive of Flex LNG.
Last year, Russian gas accounted for 45 percent of Europe's imports, much of which was transported by pipeline. With the continent likely to move away from Russian gas next year, it is scrambling to procure an additional 140 billion cubic meters of gas for next year, according to McKinsey data 27%. According to Rystad Energy, 70% of Atlantic LNG cargoes were shipped to Europe last month, up from 38% a year ago. A new report from Clarksons Research predicts, "Freight rates for LNG have risen to multi-year highs, and with Europe's push for energy security, we now forecast 630 million tonnes of LNG traded in 2030, compared with last year's 380 million tons."
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