GLOP - LNG freight rates surge to all-time high as Europe rushes for gas

Liquefied natural gas shipping rates have jumped to a record high , with the cost to charter an LNG ship in the Atlantic jumping to $397.5K/day, Bloomberg reported Tuesday, as Europe's rush to secure winter energy supplies to replace Russian gas sparks a scramble for ships.

The new record for Atlantic LNG freight rates topped the previous record of $374K/day set on Monday , as assessed by Spark Commodities.

Potentially relevant tickers include ( NYSE: GLOP ), ( NASDAQ: GLNG ), ( DLNG ), ( FLNG ), ( TK )

Europe's demand for LNG surged by 65% in the first eight months of 2022 vs. the same period a year earlier, the International Energy Agency said in its latest Gas Market Report earlier this month .

The LNG shipping industry is poised for a record-breaking quarter, and deals at freight rates of $1M/day are a possibility , according to maritime consultancy Drewry cited by Lloyd's List.

GasLog ( GLOP ) "has been beefing up its balance sheet while it capitalizes on very advantageous conditions in its key market," IncomeBent Investment writes in an analysis published on Seeking Alpha .

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