Trade tensions: A cargo ship is seen docked at the Pasir Panjang port. Shipowners are holding off chartering vessels, which is reducing tanker availability and pushing up prices, according to a trade source. — AFP
SINGAPORE: Shipping costs for liquefied natural gas (LNG) cargoes have rallied to their highest in about eight months, with vessel availability tightened by a shift in more ships heading to Asia at the same time as conflict has escalated in the Middle East.
The Atlantic freight rate for vessels with two-stroke engines capable of carrying 174,000 cubic m of LNG, the most common type in the market, was assessed at US$51,750 per day on Monday, its highest level since Oct 3, according to pricing agency Spark Commodities.
