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Freezing weather in Asia sends energy prices soaring, catching markets off guard

Asia's coldest winter in decades has upended energy markets across the continent, catching some companies flat-footed and sending prices for electricity, fuel and vessels to record highs.

Photo: Wang Zhao/AFP/Ritzau Scanpix

China's coldest winter in decades meant state-owned energy giant Sinopec was desperate to unload heating fuel from a vessel headed to a northern port, yet freezing temperatures that have swept parts of Asia froze a thick sheet of ice and blocked access.

With the help of an icebreaker ship and a cannon loaded with hot water, workers spent 20 hours clearing a pathway for the tanker to dock and discharge its cargo of liquefied natural gas in Tianjin.

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