It has been quite a year for the US LNG industry. In February, Cheniere’s Sabine Pass LNG terminal exported the continental US’ first commercial cargo of LNG. Since February, Cheniere’s Train 1 at Sabine Pass, the only fully commissioned operating US LNG export terminal, has exported 19 cargoes to eight different nations on three continents. While South America has so far received more US LNG cargoes than any other region, the re-opening of the newly expanded Panama Canal could drive new competition from North Asian markets. While many expected the majority of Cheniere’s cargoes to end up on Europe, ten of the first 16 cargoes (three are out at sea) have delivered into South America, specifically Brazil, Chile and Argentina. Only two cargoes have delivered into Europe. Cheniere’s first cargo was delivered to Rio de Janeiro, Brazil’s furthest regasification terminal from Sabine Pass. Depending on what terminal you deliver into Brazil, shipping a cargo of LNG from the US Gulf Coast can take between 11 and 16 days. Delivery into either of Argentina’s two terminals takes roughly 21 days. The expanded Panama Canal will allow US LNG producers to deliver their cargoes to select destinations in South America and Asia faster
The post Updated Panama Canal opens premium Asian markets to US LNG appeared first on CTRM Center.
Source: CTRM Center