LNG cargoes diverted from India
Vessels are being diverted as the ongoing Covid crisis is dampening demand for LNG in India.
LNG cargoes are being diverted from India due to a slump in demand as a result of the Covid crisis, reports Reuters. The surge in cases on the subcontinent has had the overall effect of dampening demand for domestic gas, shipping sources say.
Rebecca Chia, an analyst with data intelligence firm Kpler said six LNG tankers have diverted from India since April 20th and changed their destinations to Asia, Europe and Kuwait instead.
“Gas demand from city-gas distribution such as transport and commercial sectors is down, and gas-based power demand is not much as spot prices have not come down to acceptable levels,” a source based in India said.
India’s LNG imports dropped to about 1.86 to 2 million tonnes in April, down 11 to 14% from March’s 2.16 to 2.21 million tonnes, according to shiptracking data from Refinitiv Eikon and Kpler.
