Liquefied Natural Gas Market Spawns a Glut in Ships Built to Carry the Fuel

for many shipowners, natural gas has not proved a worthwhile investment. Most want to charter their ships, which cost about $215 million each, for long periods to energy companies. But the rates on offer at present are uneconomic, they complain.

Shipowners that bought ships to exploit an anticipated short-term spot market in natural gas shipping have fared worse. Many speculatively built ships have been idle for the last year, and those with work often have operated at a loss.

LA Times