LNG shipping company Flex LNG has secured an extension of the charter of its […]
The post Flex LNG bags charter extension for Flex Resolute with ‘super major’ appeared first on Offshore Energy.
https://www.offshore-energy.biz/flex-lng-bags-charter-extension-for-flex-resolute-with-super-major/
LNG shipping company Flex LNG will take redelivery of the 2019-built Flex Constellation as […]
The post Flex LNG eyes ‘more attractive’ deal for Flex Constellation as current charter comes to an end appeared first on Offshore Energy.
A year ago, an armada of ships came to Europe’s aid, bringing U.S.-produced liquefied natural gas to replace Russian pipeline gas supplies lost in the wake of the war. The outlook for the coming winter was dire despite the surge of American LNG cargoes — then it grew even worse.
A fire and explosion took Texas’ Freeport LNG facility offline last June, removing a major U.S. export source. The price of natural gas in Europe hit $100 per million British thermal units (MMBtu) in late August, the...
https://www.freightwaves.com/news/how-lng-shipping-kept-wartime-europes-energy-supply-secure
Norwegian shipping company Flex LNG has secured an extension of time charter agreements with […]
The post Flex LNG and Cheniere agree to extend charters for three LNG carriers appeared first on Offshore Energy.
Ocean shipping demand is traditionally measured in “ton-miles”: volumes multiplied by distance. So, here’s a paradox: Ton-miles for liquefied natural gas shipping have fallen in 2022, because most cargoes from the U.S. are being pulled to war-stricken Europe instead of going longer-haul to Asia. And yet, LNG shipping spot rates have skyrocketed to Guinness Book levels of up to $500,000 per day.
How is this possible?
This paradox was addressed at the Marine Money New York Ship Finance Forum on...
https://www.freightwaves.com/news/what-do-crazy-500000day-rates-say-about-shipping-demand
Global crises and geopolitical chaos are bad for most businesses. Not so in industries like defense and energy shipping. Go to a commodity shipping conference in troubled times and you’ll hear a lot about how bullish all that trouble is for freight rates.
The focus at Marine Money’s New York Ship Finance Forum on Thursday was on the worsening global energy crunch, the war in Ukraine, looming sanctions on Russia, the evolving situation in China — and how phenomenal the rate outlook is for tankers...
https://www.freightwaves.com/news/chaos-theory-how-tankers-thrive-amid-energy-crisis-and-war
Liquefied natural gas shipping is a freight market like any other, albeit with a lot more zeros on the end of its numbers. Day rates in LNG shipping are in the six figures. Profits on a single cargo can be in the nine figures.
“Welcome to the stratosphere of LNG prices,” commented Stifel analyst Ben Nolan on today’s market conditions.
The European hub price of natural gas, TTF, hit $84 per million British thermal units (MMBtu) on Monday. “This is close to $500 per barrel of oil equivalent,” noted...
The Dow Jones Transportation Average has slumped 11% since late March on fears of waning domestic demand. Container shipping stocks have been dragged down along with domestic transports.
Not so with commodity shipping stocks, which have very different drivers. Tanker, gas carrier and dry bulk shipping equities are heading up.
Shipping stock charts were awash in double-digit green numbers on Thursday, a day when the main indexes were in the red.
Tsakos Energy Navigation (NYSE: TNP) and Teekay...
https://www.freightwaves.com/news/commodity-shipping-stocks-are-trouncing-dow-transport-average
Flex LNG has entered into a time charter party agreement with a unit of Cheniere for Flex Aurora LNG carrier. The post Flex LNG charters 5th LNG carrier to Cheniere appeared first on Offshore Energy.
https://www.offshore-energy.biz/flex-lng-charters-5th-lng-carrier-to-cheniere/
The U.S. government doesn’t control where cargoes of LNG are shipped — that’s decided by private companies. Nonetheless, the Biden administration and the EU announced a high-profile plan Friday to steer more U.S. LNG exports to Europe and partially replace pipeline gas from Russia.
The short-term pledge — to ship at least 15 billion cubic meters (bcm) more U.S. LNG to the EU this year — looks very doable. But that’s just one-tenth of the 155 bcm of natural gas the EU bought from Russia in 2021.
Th...
https://www.freightwaves.com/news/biden-eu-energy-pact-lng-shipping-game-changer-or-wartime-hype