Tanker deliveries hit record high in January

Liquefied natural gas (LNG) shipowners are facing a tough period as rates are expected to remain under pressure during 2017, according to shipping consultancy Drewry.This year has started on a positive note for LNG shipowners as spot rates have firmed up to the West of Suez because of seasonal demand for LNG, raising hopes that the momentum in rates will continue.However, Drewry reiterates its outlook that the fundamentals of LNG shipping market “are not strong enough to sustain this recovery for long. Soon rates will come under pressure as seasonal demand wanes from April onwards.”Moreover, this year the LNG fleet is forecast to grow at its fastest pace in five years at 13 per cent, surpassing anticipated LNG trade growth of 7 per cent. Therefore, the worst is not yet over for LNG shipowners as spot rates will remain under pressure at an average of around $36,000 per day East of Suez in 2017.Drewry’s lead LNG shipping analyst, Shresth Sharma, said: “Although the short-term outlook for this year is weak, we remain bullish about the medium and long-term outlook because of expanding worldwide LNG export capacity,”

https://guardian.ng/business-services/tanker-deliveries-hit-record-high-in-january/