Monday, January 11, 2021

The World's Most Expensive Ship Charters

 From Bloomberg via gCaptain, January 11:

World’s Priciest Ships: Winter LNG Boom Sends Charter Rates to Record

An unprecedented shortage of liquefied natural gas tankers has made them the most expensive ships ever hired to ferry commodities.

Spot rates have more than tripled in the past month, with BP Plc last week paying $350,000 a day to charter an LNG tanker to pick up a cargo from the U.S. The previous high for any kind of commodity carrier was set in late 2019 when a crude supertanker was booked for daily earnings of $308,000, according to data compiled by Clarkson Research Services Ltd., a unit of the world’s biggest shipbroker.

Bullish factors have struck the LNG shipping market: robust Asian spot gas demand in a cold winter, record-high exports from U.S. projects and — perhaps most importantly — delays to traverse the Panama Canal. Vessels have been forced to take longer routes to Asia, increasing transport time and significantly curbing the amount of available vessels in the Atlantic.

“These are historically high levels,” said Per Christian Fett, global head of LNG at shipbroker Fearnleys A/S. “We are getting a lot of requirement where we really struggle to find a suitable vessel.”

Spot LNG tanker rates in the Atlantic basin rose to a record $322,500 a day on Friday, up $99,000 from Jan. 5, according to Spark Commodities, which takes assessments from LNG shipbrokers....


Also via gCaptain:
Freezing Weather Snarls Asian Port, Sending Energy Prices Soaring