LNG carrier glut leads to record-low shipping fees

Delay in Texas terminal contributes to slack demand for shipments

20241206N LNG carrier REUTERS

A South Korean LNG tanker docks at a shipyard in Singapore. © Reuters

HINAKO SATO and MISA HAMA, Nikkei staff writers

TOKYO -- A supply glut of liquefied natural gas carriers combined with delayed LNG plant construction have dropped shipping rates for the fuel to all-time lows.

November is usually a high-demand period for LNG tankers ahead of the winter months. Power utilities would hire carriers on the spot market to bring in more supplies of the fuel.

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