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
CMA CGM to Partner with United Nations Ocean Conference 2025 in Support of Marine Preservation
AD Ports Group and Advario Sign Agreement to Explore Joint Venture for Clean Energy and Bulk Chemical Storage
MAN Energy Solutions to Lead New Ammonia GenSet Project
NYK Group Company Launches Japan’s First Antioxidant for Marine Biodiesel Fuel
Global Ro-Ro Operators Release Unified GHG Emissions Guidelines for Car Carriers
Seacap Launches as World’s First Capital Partner Dedicated to Shore Power
AM Green and Port of Rotterdam Authority to Establish Green Energy Supply Chain
RAPTECH Cavitation Technology: Homogenisation for Future Marine Fuels