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Business Last Updated: Jan 11, 2021 - 11:58:55 AM

Record LNG carrier spot rates tipped to extend through Q1
By Sam Chambers, Splash, January 11, 2021
Jan 11, 2021 - 11:57:59 AM

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The record-breaking LNG carrier spot rate scene is being widely tipped to carry on through the first quarter.

Last week, LNG carrier spot rates hit an all-time high of $200,000 a day, with one fixture at $350,000a day as the Asian JKM LNG price soared to a record $21/MMbtu on extreme winter weather.

“Traders and LNG producers are trying to secure LNG carriers trading in the Atlantic in order to lift cargoes from the US to Asia in the next few weeks as LNG prices remain elevated,” analysts at Jefferies observed in a new report, tipping spot rates to remain “robust” during Q1 as the arb window remains open.

“Amidst the continued cold weather in Asia and delays at the Panama Canal, LNGC spot rates skyrocketed the past week, seeing MEGIs up 34% to $215K, TFDEs +34% to $195k/d and Steam Turbines +63% to $160k/d,” Cleaves Securities pointed out in its latest weekly report published on Sunday.

Source:Ocnus.net 2021

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