Shipments now reportedly on their way to Britain
Tankers loaded with US liquefied natural gas (LNG) that was reportedly destined for China have been diverted to head towards Britain instead, as Europe’s energy crisis worsens by the day.
The cargo is making its way through the UK’s inshore waterways in a move that is “critical to tempering even more extreme prices and demand destruction in Europe,” James Huckstepp, managing analyst at S&P Global Platts said, as quoted by The Telegraph.
“We are seeing cargoes previously destined for Asia now diverting to the UK. This is particularly the case for those cargoes originating in the US, given the journey between the US and Europe is much shorter than that to Asia,” the strategist said.
According to figures reported by Bloomberg, 20 cargo ships with American gas are heading for Europe, with another 14 heading in the general direction of Europe while awaiting final orders. Last weekend, the number of US vessels heading for European ports reportedly increased by a third.
Britain commonly receives most of its gas via pipelines running through the North Sea to Norway and continental Europe, but it also gets around 20% by ship on the global market.
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