LNG tankers build up around virus-hit Europe as crisis abates in Asia [Reuters]
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Source: Reuters
LNG tankers build up around virus-hit Europe as crisis abates in Asia LONDON, April 30 (Reuters) - Liquefied natural gas (LNG) cargoes are piling up off the shores of Europe as the coronavirus pandemic severely disrupts gas demand, leading to delays in tanker discharges and a rise in the number of vessels used as floating storage, analysts said. Lockdowns due to the virus have led to a slump in industrial gas consumption worldwide, reducing demand for LNG and causing cargo deferrals, delays and cancellations, initially reflected by a build up of floating cargoes in the Far East and India. Despite some vessels managing to unload as lockdowns ease, LNG demand in Asia remains subdued with prices at a record low LNG-AS, leaving cargoes unwanted elsewhere heading for Europe and creating a new bottleneck. A total of 11 LNG tankers are floating near Europe waiting to deliver their cargoes, out of 15 floating LNG vessels globally, Nathalie Leconte, market analyst at data intelligence firm Kpl
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