Although current LNG tanker earnings are not something to write home about, the on-going transformation of this market is worth paying closer attention to. Until recently, the LNG seaborne trade represented only 8% of the total gas trade and was limited to a few large importers such as Japan or South Korea. Oil linked gas prices prevailed and almost all contracts were signed as long time charters with very few ships involved in spot activities. However, a substantial increase of gas production, combined with significant additions to both liquefaction and regasification capacity have changed the market fundamentals.
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