Several more liquefied natural gas shipments have diverted toward Asia from their course to Europe as tensions in the Middle East curb global supply and boost competition for the fuel.
At least two tankers have turned in the middle of the Atlantic since Friday, according to ship-tracking data compiled by Bloomberg. This follows three similar diversions last week, Bloomberg previously reported.
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The shift comes after Qatar halted production at the world's biggest LNG plant last week following a drone attack, triggering a surge in gas prices in both Europe and Asia. That shutdown, along with the effective closure of the Strait of Hormuz, has throttled roughly 20% of global LNG exports to both regions, forcing some buyers to scramble for replacements.
It is more profitable to sent US LNG shipments to Asia over Europe if the cost of freight is excluded, according to a Bloomberg analysis of the region's prices. Spot shipping rates have surged over the last week, which could limit some diversions to Asia.
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