LNG Cargoes All Dressed Up with Nowhere to Go

It seems no market has been left untouched by the COVID-19 coronavirus. Not even the LNG (liquefied natural gas) market. Force majeures–cancelations of LNG contracts due to circumstances “beyond our control”–are now an almost daily occurrence. Big tankers full of LNG often leave a port without a final destination, receiving instructions along the way on where the ship will unload the LNG. A cascading number of force majeures has some of those ships sailing around, “all dressed up but nowhere to go.”

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