Tanker Rates Turn Negative As U.S. LNG Flocks To Europe

The spot charter rates for shipping U.S. liquefied natural gas to Europe have just turned negative, suggesting that there are now too many LNG vessels in the Atlantic region but fewer requirements, according to LNG freight price assessor Spark Commodities. In December and January, dozens of cargoes of U.S. LNG flocked to Europe, which had a record-high natural gas price amid the gas and energy crisis. The crisis pushed regional LNG prices way above the Asian LNG benchmark and 14 times higher than the U.S. Henry Hub price. Tankers were not only…