Europe Facing Record High Shipping Rates for Liquid Natural Gas, Running Out of Storage Capacity

Europe Facing Record High Shipping Rates for Liquid Natural Gas, Running Out of Storage Capacity
A tanker heads out to the channel in Rochester, England, ahead of the first gas shipment of liquefied natural gas from Australia to Europe in more than half a decade, on Aug 22, 2022. Dan Kitwood/Getty Images
Bryan Jung
Updated:
0:00
A lack of ships is the latest challenge for buyers of liquefied natural gas (LNG) this winter, as Europe prepares for a season without Russian energy supplies and shipping rates are hitting records highs, according to a Bloomberg report.

European countries are actually paying to keep LNG-loaded ships nearby as onshore storage facilities are maxed out. The scramble to charter fleets of ships to carry LNG has sparked fears that many buyers will not have enough ships capable of transporting the fuel from exporters.

Bryan Jung
Bryan Jung
Author
Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.
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