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LNG sails for an unprofitable summer

Spot earnings fall below daily operating costs as cargo cancellations and plunging gas prices weigh on freight rates

The unprofitable conditions are expected to continue until October or November, when the seasonal rise because of the northern hemisphere winter is expected to lift rates

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Guangdong to convert 1,500 ships to LNG

Beijing’s push for liquefied natural gas conversions on river boats has been met with several setbacks, including the lack of LNG fuelling infrastructure and standards for LNG-powered ships

Product tanker demand likely peaked as deviations slow

Torm chief executive Jacob Meldgaard estimates that about 12% of the product tanker fleet is tied up in floating storage

More US LNG cargoes will be cancelled through September

For the first time in a decade, gas is more expensive in the US than in Europe

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