Charter rates in 2025 have been in muddy waters, averaging 29 $k/day vs 52 $k/day in 2024. Charter rates have sharply risen over the past two weeks, with the Spark Commodities 30s (Atlantic) contract rising by $36k/day over the period, marking a 113% rise from 32k/day on the 23rd October. The spike in charter rates has been driven by a cold snap in Asia, tied with an increase in floating LNG storage across the globe.
Throughout 2025, the volume of LNG in floating storage has averaged 0.98 mt. At the end of October, the market saw a sudden rise in the number of vessels ‘slow-steaming’, particularly in Europe. In effect withholding sale volume in October (10.01 $/mmbtu as of 31st October), preferring the higher priced November TTF contract (10.23 $/mmbtu as of 31st October).
This increase in vessels deciding to float rather than deliver, combined with returning seasonal LNG demand in Asia acting to increase average journey distance is tightening the shipping market and intensifying competition for available vessels, pushing charter rates upward.
