A blast of cold weather in northeast Asia and a shortage of ships for transporting gas have sparked a scramble for cargoes of liquefied natural gas, igniting a steep rise in prices.
Last week, spot rates of LNG carriers hit a record high of $ 200,000 per day, with the price of LNG in Asia rising to a record $ 21 / MMbtu. Braemar ACM noted this week that heating demand in Japan has driven record high electricity prices. Due to the sharp rise in LNG prices (due to a shortage of reserves), the demand for coal increased due to the increase in electricity generation. Extreme weather conditions are also being felt in Europe, where LNG prices have also skyrocketed. Over the weekend, the Maritime Security Bureau in northern Hebei dispatched several tugboats to aid the Clean Planet LNG tanker and the Agia Eirini Force coal tanker stuck in 1m thick sea ice.