Gas Carriers Redirected from France to Asia Amid Rising LNG Prices
Since the onset of the Middle Eastern conflict, at least eight LNG carriers have diverted to Asia for higher prices. The LNG Port Harcourt-II, owned by TotalEnergies, is now heading to Dahej, India instead of Fos-Cavaou, France. Similarly, the BW Brussels is en route to Asia after previously targeting Montoir-de-Bretagne. Spot prices for gas in Japan and South Korea are currently higher than in Europe, prompting this shift. The EU faces potential challenges in filling gas reserves for next winter due to ongoing geopolitical tensions.
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At least eight LNG carriers have redirected to Asia for higher prices since the start of the Middle Eastern conflict. The LNG Port Harcourt-II, owned by TotalEnergies, is headed to Dahej, India, instead of Fos-Cavaou, France.
The BW Brussels has also changed direction towards Asia after initially targeting Montoir-de-Bretagne. Current spot prices are 66€/MWh in Japan and South Korea compared to 62€/MWh in Europe, leading to this shift. The EU may struggle to fill gas reserves for the upcoming winter as geopolitical tensions persist, with stocks projected at only 22-27% by the end of March.
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