LNG tankers lying idle in Singapore

Leading ship brokers estimate over one-tenth of the global fleet of 400 LNG tankers is currently unused because of slowing growth in Asia

SINGAPORE: Over a dozen liquefied natural gas (LNG) tankers are parked, many idle, in and around Singapore – one of the world’s biggest trading hubs for the fuel – in a sign that the slowdown engulfing world gas markets may be worsening into a crisis.

With Asian spot LNG prices down by almost two-thirds since February 2014 as slowing demand combines with rising output, shippers are parking their tankers close to ports like Singapore where unused ships can be easily maintained and serviced until new orders come in.