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What do crazy $500,000-per-day rates say about shipping demand?

Nov 22, 2022 at 04:29 PM CST

Ocean shipping demand is traditionally measured in “ton-miles”: volumes multiplied by distance. So, here’s a paradox: Ton-miles for liquefied natural gas shipping have fallen in 2022, because most cargoes from the U.S. are being pulled to war-stricken Europe instead of going longer-haul to Asia. And yet, LNG shipping spot rates have skyrocketed to Guinness Book levels of up to $500,000 per day.