A liquefied natural gas tanker owned by Teekay (TGP) LNG Partners LP that typically shuttles between Qatar and Europe is sailing for the first time in almost two years to South Korea, where the cargo costs 80 percent more.
The Al Shamal left Ras Laffan, on the north-eastern coast of Qatar, on March 8 and is sailing for Incheon, South Korea, according to ship-tracking data compiled by Bloomberg. In the past year the vessel delivered Qatari LNG four times to the U.K. and three times to Belgium. It last went to South Korea in March 2010, the data show.
One million British thermal units of Qatari LNG costs $17 in South Korea, compared with $9.45 in the U.K., according to February data from New York-based shipbroker Poten & Partners. Accounting for costs to transport the fuel and convert it back into gas, the return from shipping Qatari LNG to South Korea is 118 percent higher, the figures show.
Priscilla Sharun, a spokeswoman for Vancouver-based Teekay Corp. (TK), declined to comment. Qatar is the world’s biggest exporter of LNG, which is natural gas that has been chilled to a liquid state for transportation.
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