EnergyWatch

LNG ships rerouted in global fight over supply

Vessels hauling LNG have made the natural gas market global and tightened competition for resources – especially between Asia and Europe.

Photo: Reuters Staff/Reuters/Ritzau Scanpix

The world-wide struggle over natural gas has now become so intense that ships sailing with liquefied natural gas are being redirected to new ports as soon as higher offers tick in for their cargoes, reports Danish business daily Børsen.

"The supply situation is very tight, and it will become much worse if we get a cold winter. We're experiencing very heavy competition [for natural gas] between Asia and Europe, and that can be seen in the continuously wild price increases," says James Whistler, Global Head of Energy Derivatives at Simpson Spence Young, in sector media World Oil, according to Børsen.

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