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Baltic Exchange Market Report (18 October 2024)...
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Date: 25/10/2024

LNG freight rates fall due to less demand

LNG freight rates plummeted to multiyear lows recently, approaching operational expense thresholds and prompting a bleak outlook among market participants. The absence of arbitrage opportunities and contango has left rates unsupported, while unusually high temperatures compared to previous years further exacerbate the situation. High gas storage levels in Europe and Asia, and subdued cargo requirements coupled with an oversupply of ships, have contributed to the depressed rate environment. Market participants expressed pessimism for the next two years, indicating that rates are unlikely to recover to the highs seen in 2022 anytime soon. This year diverges significantly from historical trends, where rates typically increased during this season. As of Oct. 18, the Atlantic Basin saw day rates for TFDE ships dropping to $18,500/day from $130,000/day over the same period, as per a report.
 
Source: Exim News Service: London, Oct. 24



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