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This time 12 months ago the Panama Canal Authority posted a record number of transits of LNG carriers for the month of January. Photo: Panama Canal Authority

LNG spot rates plummet but long-term sentiment holds strong

Open tonnage is starting to build up in the Atlantic and Pacific basin as cargoes flood into Europe

12 January 2022 8:30 GMT Updated 12 January 2022 8:44 GMT

By Lucy Hine

in London

Spot charter rates for modern LNG carriers have crashed back well below the $100,000 per day mark as demand for vessels falters.

LNG carrier spot rates sink as European gas prices soar to record heights

Brokers pointed to a fixture of a tri-fuel diesel-electric (TFDE) relet vessel controlled by Glencore which is reported fixed to Indian Oil Corp at a rate of around $40,000 per day.