Still, daily freight rates for LNG tankers rose more than 40 percent on Monday after Qatar halted its production.
Atlantic rates rose 43 percent on Monday to US$61,500 a day, or US$18,750 from Friday, according to Spark Commodities, a pricing agency for LNG shipping. Pacific rates rose 45 percent from Friday to US$41,000 per day, or US$12,750.
Fraser Carson, lead global LNG analyst at energy consultancy Wood Mackenzie, said spot daily LNG shipping rates could rise above US$100,000 this week due to tight supply.
“Vessel availability is considered weak for the remainder of March as cargo operators try to work through the backlog created by weather constraints during February,” he said.
“There will be very strong competition for any available ship,” he said.
Carson said shipping will remain idle until safe passage through the Strait of Hormuz can be ensured.