With European terminals for import and storage liquefied natural gas (LNG) overstocking and visible risk of shortages energy, European utilities are forced to store fuel in ship tanks. Basically they pay tankers to stay off the coast of Old Epirus so they have easy access to fuel. The same tactic is used by companies in Asia and South America that import fuel, as well as contract negotiators who rush to stockpile LNG and reap big profits when prices soar during the winter months.

According to research firm Kpler, the amount of LNG remaining in vessel tankers at sea is 1.4 million tonnes worldwide, the highest in two years. After all, it is almost equal to the volume of fuel imported by Spain in August. Storing fuel in tankers that remain at sea is a common tactic in the oil market, but very rare in the case of LNG, as the fuel tends to slowly evaporate inside ships. But the fact that utilities and marketers are resorting to this tactic shows just how far they can go to ensure they have enough fuel in the winter. There are at least nine LNG storage vessels in the ocean, according to Kpler and Bloomberg. Among them is the tanker British Partner, which remained in the South China Sea for some time, carrying gas from Oman and Qatar. Among them is also Aristidis-1, waiting in the Caribbean, loaded with American natural gas and gas from the Dominican Republic.

The volume of LNG stored in vessel tankers at sea has reached its highest level in two years.

Moscow’s halt to Russian gas supplies has heightened competition between European and Asian economies trying to get as much LNG from the US, Nigeria and Qatar as possible. As a result, global demand for ships is growing, and with it, freight rates, and, according to fuel traders, they will continue to grow. At the same time, however, there is an increase in the number of floating LNG terminals in Europe, which are expected to supply fuel to the European economy. Outside the port of Eemshaven in the Netherlands, there are two floating terminals, Golar Igloo and Eemshaven LNG, which are equipped with fuel regasification equipment. They have been chartered for five years and are expected to receive, offload and assist in transporting approximately 18 LNG shipments by the end of the year.

The arrival of these floating stations is critical for Europe as they will ease the pressure caused by the energy crisis and fuel shortages. One of them has been operating since yesterday and is preparing for the first transfer of fuel in mid-September. However, their species is already in demand in Geria Epirus. Germany, which until recently received 50% of its gas imports from Russia, has now chartered five of these floating terminals through the government and leased two more from private operators. At the same time, Italy, also heavily dependent on Russia for energy, France and the Baltic countries, heavily dependent on their energy-rich neighbor, plan to charter floating terminals to import liquefied natural gas.