Winter LNG boom creates most expensive cargo ships in history

An unprecedented shortage of LNG tankers made charter rates last week soar to the highest level ever seen for a ship to ferry commodities. Spot rates have more than tripled within the past month.

Photo: PR/Höegh LNG

An unprecedented shortage of liquefied natural gas tankers has made them the most expensive ships ever hired to ferry commodities.

Spot rates have more than tripled in the past month, with BP Plc last week paying USD 350,000 a day to charter an LNG tanker to pick up a cargo from the US. The previous high for any kind of commodity carrier was set in late 2019 when a crude supertanker was booked for daily earnings of USD 308,000, according to data compiled by Clarkson Research Services Ltd., a unit of the world's biggest shipbroker.

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