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Record-low LNG rates could last for years

The big trading houses are experiencing a bright period, but for owners of LNG vessels, the coming years look dark. This is the opinion of many analysts, according to Bloomberg.

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BW LNG carrier Photo: BW Shipping

The price of transporting liquid natural gas (LNG) is at its lowest in four years, and several analysts such as the London-based consulting agency Wood Mackenzie and Galway Group in Houston believe that it could be years before the rates start crawling back up, reports Bloomberg.

LNG rates are currently at a level of USD 50,000 a day compared to USD 140,000 back in 2012, according to Wood Mackenzie, and this is damaging for shipowners, as evident from the large number of LNG vessels - about 15 in and around Singapore - that are idled and waiting. But the wait may be a long one.

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