Shipping’s surge and splurge
Spot rates should stay below 2018 peaks as more newbuilds come into service
The world is perennially awash in tankers, a welcome state of affairs for energy commodity shippers in need of cheap, readily available transport, and an unwelcome one for ship owners, who often struggle to break even. But LNG shipping is the exception to the rule-cargo demand has recently exceeded LNG tanker supply and shippers could face ongoing transport constraints and high costs in 2019. During an unprecedented shipping crunch in October-November 2018, freight rates for spot vessels hit $200,000/d-an all-time record that topped the levels seen after 2011's Fukushima disaster. "There came a point where there were zero ships available. Everything was spoken for," IHS Markit LNG analyst An
Also in this section
14 April 2026
The GECF has warned it may revise its projections for demand this year downwards in light of conflict in the Middle East, although it maintains its forecasts for 2027 and onwards
13 April 2026
Petroleum Economist analysis highlights sharp shift from crude oversupply to market deficit, with Iraq and Kuwait badly affected and key producers Saudi Arabia and the UAE also seeing output sharply lower
13 April 2026
Turkmenistan is moving ahead with a modest expansion of the giant Galkynysh field to sustain gas deliveries abroad, but persistent delays to other key pipeline projects and geopolitical risks continue to constrain its export ambitions
13 April 2026
Expensive electricity has forced out swathes of energy-intensive industry and now threatens the country’s ability to attract future investment in datacentres and the digital economy
