Demand for ocean transportation is typically expressed in “ton-miles,” which are volumes times distance. Here is a conundrum, then: Due to the fact that most cargoes from the United States are being pushed to war-torn Europe rather than travelling farther to Asia in 2022, the ton-miles for shipping liquefied natural gas have decreased. Yet spot prices for LNG shipping have soared to Guinness Book records of up to $500,000 per day.
How is this possible?
This paradox was...
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