Russian shutdown of gas to EU countries causes sold-out markets for LNG ships

While Russia has turned off gas supply to some EU countries, LNG carriers report of a basically sold-out market. And according to an analyst, activity on the gas market may endure for a long time. ShippingWatch has interviewed Øystein Kalleklev, CEO of Flex LNG, on the outlook.

Photo: Flex LNG

The high gas prices seen in Europe are a major source of frustration for the average person, but for carriers of liquefied natural gas (LNG), bad news for consumers is in many ways good news for business.

The political situation in Europe with Russia’s invasion of Ukraine and the Russian decision to halt gas supply to a number of European countries increase pressure on transport of natural gas from other parts in the world.

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