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A liquefied natural gas carrier owned by Mitsui (9104) O.S.K. Lines Ltd. is sailing toward Asia from an import terminal in Spain, where the gas is 39 percent cheaper.
The LNG Ebisu left Spain’s Cartagena LNG terminal on April 9 and is currently nearing the Suez Canal, according to ship- tracking data compiled by Bloomberg. In the past year the ship sailed to Japan, South Korea and Taiwan after loading in Malaysia, Australia and Nigeria, data show.
While Spain lacks a facility to liquefy natural gas for shipping, cargoes delivered to the country under longstanding contracts can be re-exported when overseas prices are higher. One million British thermal units of Nigerian LNG costs $17.44 in Japan, compared with $10.60 in Spain, according to March data from New York-based shipbroker Poten & Partners.
Akika Hamakawa, a spokeswoman for Mitsui in Tokyo, declined to comment by e-mail. LNG is natural gas that’s been chilled to a liquid state for transportation.
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