LNG shipping rates still much higher than before Hormuz crisis
- Atlantic basin spot rates are 2.7 times higher than a year ago, and Pacific basin spot rates are 2.8 times higher, according to Spark Commodities
- Three-year period rates assessed by Baltic Exchange are up 49% year on year, with one-year period rates up 117% and six-month period rates up 160%
- More US exports to Asia could add tonne-miles to offset some Qatari volume loss, but Asian buyers face stiff competition from Europe, which could cap tonne-mile growth
A common theme in shipping is that rates have fallen sharply from the panic-induced peak just after the war began, but two and a half months later, they’ve settled at a higher level than before the war. LNG shipping is a case in point
