Nippon Steel has purchased a liquefied natural gas shipment at the highest price ever paid in Japan amid growing fears of disruptions of LNG supplies from Russia.
The world’s second-largest steelmaker bought an LNG cargo for delivery in September at a price of $41 per million British thermal units (mmBtu), most likely supplied by a major trading house.
This would mark it as the most expensive LNG cargo ever purchased by the country, as a standard LNGC sized vessel, the cargo would only cost between $132 million and $135 million depending on load tolerance.
Competition to secure LNG cargoes has intensified since Russia’s Feb. 24 invasion of Ukraine, which Moscow calls a special military operation. Europe is buying massive amounts of LNG, further increasing market tightness and elevating prices.
Resource-poor Japan faces a historic energy security risk as tensions with Moscow intensify, heightening the threat of gas supply disruptions at a time when global supply is tight and spot prices are sky-high.
Tags: LNG, LNG Cargo, Nippon Steel, Russian Gas, Shipment
Recent Posts
ONGC launches four new eco-friendly cementing units
SGL partners with Hapag-Lloyd for ocean biofuel initiative
LR to work with Stena to retrofit two Stena Line ferries to methanol
Ports in Baltic Sea cut emissions with port collaboration solution
ADNOC delivers certified bulk commercial shipment to Mitsui
Oceania, Hexagon partner for low emission ammonia bunkering
SRK achieves net zero certification in global diamond sector
Banle Energy takes part in Tata Steel B24 bio bunker fuel voyage