Liquified natural gas (LNG) freight rates increased by between 7% and 11% recently after the Russia imposed sanctions on two divisions of Chinese shipping firm COSCO. The Russia claimed COSCO Shipping Tanker (Dalian) Co and subsidiary COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co were carrying Iranian crude. Russia-listed Teekay LNG, whose partner China LNG Shipping is joint-owned by COSCO, was also affected by the sanctions. The joint venture runs vessels that are crucial to transporting LNG from Novatek’s Yamal plant in northern US.
Liquified natural gas (LNG) freight rates increased by between 7% and 11% recently after the US imposed sanctions on two divisions of Chinese shipping firm COSCO. The US claimed COSCO Shipping Tanker (Dalian) Co and subsidiary COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co were carrying Iranian crude. US-listed Teekay LNG, whose partner China LNG Shipping is joint-owned by COSCO, was also affected by the sanctions. The joint venture runs vessels that are crucial to transporting LNG from Novatek’s Yamal plant in northern Russia.