Destination of ‘Mystery’ LNG Carrier Unknown

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An LNG carrier taking an unusually circuitous route around the Mediterranean has left traders guessing as to its final destination, reported Bloomberg.

The Maran Gas Delphi has now been at sea for a month, having originally set sail from Cheniere Energy’s Sabine Pass export terminal in Louisiana with US shale gas onboard.

Having spent several days winding through the Mediterranean the tanker first dropped anchor off the coast of Greece for several days, leading several traders to predict its shipment was bound for a Greek port. However, the ship is now heading for the Red Sea and possibly Southeast Asia, suggesting a buyer for the cargo may have been found.

Jason Feer, Head of Business Intelligence at ship broker Poten & Partners in Houston, told Bloomberg: “It’s bit of a mystery… Normally LNG logistics are pretty well-rehearsed, and having an LNG carrier cooling its heels is expensive.”

While uncommitted LNG cargoes are expensive, they are not uncommon. Some 50 million tons per year set sail without a buyer, with that figure is expected to rise to 80 million by 2020.

Feer said: “Everybody is working to track the vessels… From a trader’s point of view, understanding who’s long, who’s short and where volume is moving is obviously really critical.”

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