The Gas Tankers Lurking at Sea Looking for a Better Deal [Bloomberg Business News]
GASLOG LTD (GLOG)
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Source: Bloomberg Business News
When the tanker Provalys left Louisiana for Chile last month with a full load of U.S. liquefied natural gas, it sailed around South America instead of taking a shortcut through the expanded Panama Canal. Not only may the route be cheaper without canal transit fees, but advances in technology mean less of the fuel would end up lost at sea during the journey. Gas is frozen into liquid for transport over long distances without pipelines, allowing surplus American reserves to be shipped to high-demand regions like Asia. Trouble is, some LNG evaporates on the voyage. A new generation of ships is reducing such losses, giving traders more flexibility to choose the scenic route in search of the highest prices. Once a regional commodity, natural gas is becoming global. As new LNG export plants pop up from the U.S. to Australia, a glut has emerged and ships are becoming more than just transporters. They allow fuel to be stored until demand rises or a scheduled delivery window arrives. Oi
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