Global competition for LNG intensifies on supply cut

Global competition for seaborne shipments of LNG heating up. (File pic shows MISC's LNG tanker Camellia)

LONDON: Russia’s latest move to cut natural gas supply to Europe is intensifying global competition for seaborne shipments of the fuel, threatening higher prices and shortages from Asia to South America.

Utilities in South Korea and Japan are accelerating plans to purchase more liquefied natural gas (LNG) cargoes for winter out of fear that Europe will also hoard supply, according to traders with knowledge of the matter.