LNG shipping is undergoing major shifts since the start of 2024. In its latest weekly report, shipbroker Intermodal said that “during Q1 of 2024, the LNG shipping market experienced major disruptions and shifts that significantly altered global trade routes and market fundamentals. The year commenced with logistical challenges, particularly highlighted by persistently low water levels in the Panama Canal, which constrained LNG transits. Compounding these challenges, LNG carrier movements through the Suez Canal have been completely halted since mid-January, necessitating a strategic redirection of shipments along alternative routes”.
According to Intermodal’s Research Analyst, Ms. Chara Georgousi, “the demand for LNG in Asia has remained robust, fueled by competitive pricing and strategic stock-building. This pronounced rise in demand within Asia stands in stark contrast to the more subdued scenario witnessed in Europe, where LNG imports have been significantly impacted by internal market dynamics and alternative energy sources. Specifically, NE Asia experienced a 4.02% increase in LNG imports during Q1 of 2024 compared to the same period in 2023, with China notably leading this uptick with a 23.44% rise. SE Asia also saw a significant boost, with imports surging by…