A shipment of liquefied natural gas reloaded from China the leading global buyer of the fuel — is on its way to Europe, a notable action that underscores the continent’s efforts to replenish diminishing stockpiles.
The Seapeak Glasgow tanker took on a load at the Zhejiang Ningbo terminal in late January and was moving south toward Singapore, indicating Europe as its upcoming stop, based on ship-tracking data. The vessel tracking company Kpler additionally indicated the ship was en route to the continent.
If accomplished, it would signify the first occasion reloaded LNG from China has reached Europe in four years. Europe’s LNG imports have reached a seasonal peak this year, as the area is relying on the seaborne fuel to compensate for a decline in Russian pipeline supplies following the 2022 invasion of Ukraine.
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There is no certainty that Seapeak Glasgow will deliver the fuel in Europe, as it is usual for vessels to alter their routes or be sold to different purchasers.
Although China is the biggest importer of LNG, its demand has declined in the past year as the country's end-users opt for more affordable options. Chinese importers have kept substantial stockpiles during winter and chosen to sell off cargo from their terminals to other Asian countries.
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CNOOC Ltd. of China has completed sales of shipments for reloading in recent weeks. In the last month, Australia has dispatched three shipments to South America or Europe. The shifts indicate that Asian demand continues to be low, and LNG will go to purchasers ready to offer higher prices.
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Gulf aims to acquire two LNG cargoes on a DES basis for April delivery to Thailand. A forecast by Japan's meteorological agency suggests that most of Japan, especially the eastern area, is expected to have warmer-than-usual weather until March 13.