Dozens of ships carrying liquefied natural gas (LNG) circling off the coasts of Spain unable to secure slots to unload have prompted grid operators for the country to warn they may have to suspend loading to deal with this 'exceptional situation'.
LONDON/MADRID, Oct 17 - Dozens of ships carrying liquefied natural gas circling off the coasts of Spain unable to secure slots to unload have prompted grid operators for the country to warn they may have to suspend loading to deal with this "exceptional situation".
There are more than 35 LNG-laden vessels drifting off Spain and around the Mediterranean, with at least eight vessels anchored off the Bay of Cadiz alone, traders, analysts and sources at LNG terminals familiar with the situation said on Monday.Spain is offering just six slots at its regasification terminals for cargoes this week, an industry source said, less than a fifth of the number of vessels queuing off its coasts. The country has six terminals in total.
There are also LNG vessels at anchor near other European countries which could mean dozens more are waiting, one source with knowledge of the situation said. The bottlenecks have been compounded by lower industrial demand as Europe's economy slows as well as lower-than-expected domestic consumption in Spain due to unseasonably warm weather.
"This strategy partly works because some companies have flexibility in their shipping portfolios due to outages like the closure of the U.S. Freeport plant," Froley said.explosion"If more cargoes were being produced companies might not be able to leave their ships waiting around so long," he said.
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