Wave of LNG tankers is overwhelming Europe in energy crisis and hitting natural gas prices
- 60 liquified natural gas vessels are slow sailing or anchored around Northwest Europe, the Mediterranean, and the Iberian Peninsula, according to MarineTraffic.
- The vessels are considered floating LNG storage since they cannot unload and the situation is impacting the price of natural gas and freight rates.
- Natural gas is critical for European energy needs into the winter and Russia has reduced its supply of gas as a result of the war in Ukraine, but existing storage capacity is at 93%.
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