Rates to ship liquefied natural gas are gaining as the gap between prices in Europe and Asia is set to widen throughout the winter.
A vessel was booked for 60 to 80 days at a daily cost of $120,000, according to Fearnley LNG, a shipbroker in Oslo. Asian prices for the fuel exceed $17 per million British thermal units and will stay high until winter demand ends, Rikard Vabo, an analyst at investment bank Fearnley Securities, said in an e- mailed report today.
Daily rates now at $124,000 will extend gains through February, Erik Nikolai Stavseth, an analyst at Arctic Securities ASA in Oslo, said in an e-mailed report. Traders are looking to charter the remaining ships available in the Atlantic region, while a lack of production outages also helps to keep the fleet busy, Fearnley’s Vabo said.
– Isaac Arnsdorf, Copyright 2013 Bloomberg.
Image (c) Shutterstock/Oleksandr Kalinichenko