Liquefied petroleum, oil, and natural gas are in high demand

SalesMoney MattersTrade & Border IssuesHot SpotsFuelNuts & Bolts
Written By Jennifer Joslyn

Fossil-fuel shipping is experiencing a massive boom, with rates reaching as high as $100,000 per day for some of the largest gas carriers. Commodity spot indexes are edging into the six-figure range, and it doesn’t show any sign of letting up. The United States-Asia and Middle East-Asia routes currently hold the highest volume of propane and butane and Europe is not far behind.

Most ships currently on the water were loaded when rates were still in the five-digit range.

Read more from Freight Waves ▶

You also might like...
Oil Prices Fluctuate Amid Conflicting Demand Signals
Oil Prices Fluctuate Amid Conflicting Demand Signals

Oil prices fluctuated within a tight range on Friday, as investors weighed mixed signals from the world's top oil consumers, China and the U.S. Brent crude slipped 13 cents to $83.75 per barrel, while West Texas Intermediate (WTI) fell 4 cents to $79.22.

Geologic Hydrogen Is The Next Clean Energy Revolution in the United States
Geologic Hydrogen Is The Next Clean Energy Revolution in the United States

Imagine it's 2024 and the U.S. is on the brink of a modern-day gold rush, but this time, it's all about a new, clean energy source buried right beneath us—geologic hydrogen.

U.S. States Gear Up for 2035 Phasing Out of Gas Cars
U.S. States Gear Up for 2035 Phasing Out of Gas Cars

Several states in the U.S., including California, Maryland, Massachusetts, New Jersey, New York, Oregon, Washington, and Rhode Island, plan to ban the sale of new gas-powered cars by 2035.

IEA vs. OPEC - Balancing Energy Security and Environmental Concerns
IEA vs. OPEC - Balancing Energy Security and Environmental Concerns

The world's top oil forecasters, OPEC and the International Energy Agency (IEA), are at odds over future oil demand, creating uncertainty for traders and investors.

U.S. Coal Power Plant Shutdowns Outpacing Predictions
U.S. Coal Power Plant Shutdowns Outpacing Predictions

In the dynamic landscape of transitioning to cleaner energy sources, the latest clean energy report from BloombergNEF and the Business Council for Sustainable Energy reveals a surprising trend: U.S. coal-fired power plants are closing their doors at a swifter pace than previously anticipated.

Is Hydrogen a Contender for Clean Fuel Dominance or a Niche Player in the Automotive Industry?
Is Hydrogen a Contender for Clean Fuel Dominance or a Niche Player in the Automotive Industry?

Hydrogen - the lightest element - is being touted as a promising clean fuel for the future, particularly in the automotive industry.

Ammonia as a Marine Fuel is a Double-Edged Sword for Decarbonization
Ammonia as a Marine Fuel is a Double-Edged Sword for Decarbonization

Ammonia has emerged as a potential marine fuel in the quest for decarbonization, but a study from Chalmers University of Technology in Sweden reveals that this alternative may create new environmental challenges.

Cybercriminals Target Truckers with Fuel Card Skimming Scams
Cybercriminals Target Truckers with Fuel Card Skimming Scams

Cybercriminals are giving carriers a run for their money by targeting truckers with fuel card skimming scams, making legitimate fuel expenses a tricky battle.

Biden Administration's Delay on Major Natural Gas Export Terminal
Biden Administration's Delay on Major Natural Gas Export Terminal

The Biden administration has hit the pause button on a critical decision regarding the approval of the largest natural gas export terminal in the United States.

IMC Shifts to Hydrogen-Powered Trucks to Meet California Emissions Mandate
IMC Shifts to Hydrogen-Powered Trucks to Meet California Emissions Mandate

IMC, the leading US container transportation company, has placed an order for 50 Nikola fuel-cell trucks to replace its battery-electric vehicles following unsatisfactory results from two years of testing.

Extreme Cold Freezes Gas Production, Sparks Concerns of Record Electricity Demand and Soaring Prices
Extreme Cold Freezes Gas Production, Sparks Concerns of Record Electricity Demand and Soaring Prices

Recent sub-zero temperatures across the United States have caused gas wells to freeze, resulting in an 11-month low in gas production, according to Reuters.

Ohio Enacts Law Protecting Vehicle Choice Amid Emissions Regulations Debate
Ohio Enacts Law Protecting Vehicle Choice Amid Emissions Regulations Debate

In a move that challenges California's emissions regulations, Ohio is set to enact a law in March that prohibits state agencies from adopting California's vehicle emissions standards.

Bill Gates-Backed Wind Energy Startup Airloom Energy Unveils Revolutionary Technology
Bill Gates-Backed Wind Energy Startup Airloom Energy Unveils Revolutionary Technology

There is a new company on the block called Airloom Energy, a wind energy startup supported by Bill Gates.

Russia's Ambitious LNG Expansion Plans Hindered by Sanctions and Tanker Shortage
Russia's Ambitious LNG Expansion Plans Hindered by Sanctions and Tanker Shortage

Russia is aiming to increase its share of the liquefied natural gas (LNG) market to 20% by 2030, but its plans face challenges due to sanctions and a shortage of ice-class LNG tankers.

Fossil Fuel Phase-Out Plans Remain Elusive After Global Climate Agreement
Fossil Fuel Phase-Out Plans Remain Elusive After Global Climate Agreement

The recent U.N. agreement among nearly 200 countries to transition away from fossil fuels is being celebrated as a significant step in addressing climate change.

Global Agreement on Fossil Fuel Transition Falls Short of Full Phase-Out, but Marks Significant Progress
Global Agreement on Fossil Fuel Transition Falls Short of Full Phase-Out, but Marks Significant Progress

Government ministers from nearly 200 countries reached an agreement, known as the UAE Consensus, that calls for a transition away from fossil fuels.

U.S. Gas Prices Plummet to Lowest of the Year Amid Falling Oil Prices and Production Cuts
U.S. Gas Prices Plummet to Lowest of the Year Amid Falling Oil Prices and Production Cuts

Gas prices in the United States are dropping, with the national average at $3.137 per gallon, down 9 cents from the previous week and the lowest of the year.

Controversial COP28 Climate Agreement Draft Omits Fossil Fuel Phase-Out, Drawing Criticism
Controversial COP28 Climate Agreement Draft Omits Fossil Fuel Phase-Out, Drawing Criticism

The latest draft of the COP28 climate agreement has removed the call to phase out fossil fuels, replacing it with a broader call for countries to reduce planet-warming pollution.

Oil Industry Flourishes Post-Paris Agreement Despite Climate Efforts
Oil Industry Flourishes Post-Paris Agreement Despite Climate Efforts

Eight years after the Paris Agreement, the oil industry is thriving, with rising profits and record production levels, especially in the United States.

Sinopec Breaks Record with Deepest Onshore Well in Asia, Boosting China's Energy Exploration
Sinopec Breaks Record with Deepest Onshore Well in Asia, Boosting China's Energy Exploration

China Petroleum & Chemical Corporation (Sinopec) has achieved the first oil and gas flows from Asia's deepest onshore well, the Yuejin 3-3XC well in the Tarim Basin, Xinjiang Uygur autonomous region.

Fifth National Climate Assessment Reveals Urgent Concerns for the United States
Fifth National Climate Assessment Reveals Urgent Concerns for the United States

A recent federal report, the Fifth National Climate Assessment, warns that the impacts of rapid climate warming are being experienced across the United States and will worsen in the next decade if fossil fuel use continues.

Fossil Fuel Giants on Track to Double Production, Exceed Climate Thresholds, UN-Backed Report Warns
Fossil Fuel Giants on Track to Double Production, Exceed Climate Thresholds, UN-Backed Report Warns

A United Nations-backed report reveals that major fossil fuel-producing countries, including the United States, Russia, and Saudi Arabia, are on course to produce twice the amount of fossil fuels that exceed critical global warming thresholds by the end of this decade.

Warren Buffett Boosts Occidental Petroleum Stake Despite Anticipated Q3 Profit Plunge
Warren Buffett Boosts Occidental Petroleum Stake Despite Anticipated Q3 Profit Plunge

Warren Buffett-backed Occidental Petroleum (OXY) is set to report its third-quarter earnings, with analysts expecting a more than 60% drop in quarterly profit.

Chevron's Stock Decline Shrinks Value of Hess Acquisition Offer by $6.5 Billion
Chevron's Stock Decline Shrinks Value of Hess Acquisition Offer by $6.5 Billion

Chevron's stock decline following an earnings miss has reduced the value of its all-stock acquisition offer for Hess Corp. by approximately $6.5 billion.

Chevron and Exxon Bet Big on Oil and Gas With Multi-Billion-Dollar Acquisitions
Chevron and Exxon Bet Big on Oil and Gas With Multi-Billion-Dollar Acquisitions

Chevron and Exxon are making significant acquisitions in the oil and gas industry despite growing global momentum toward clean energy.

Chinese Container Ship Suspected in Baltic Gas Pipeline Damage, Investigation Ongoing
Chinese Container Ship Suspected in Baltic Gas Pipeline Damage, Investigation Ongoing

Finnish investigators have identified the Chinese container ship NewNew Polar Bear as the likely cause of damage to the BalticConnector gas pipeline between Finland and Estonia.

Gasoline Prices Soar in California Due to Crude Oil Costs and Refinery Disruptions
Gasoline Prices Soar in California Due to Crude Oil Costs and Refinery Disruptions

Gasoline prices in California have surged to an average of $6.08 per gallon, up 15% from a month ago, largely due to a spike in crude oil costs and refinery output disruptions.

Russia Continues to Depend on Europe for Oil Shipping
Russia Continues to Depend on Europe for Oil Shipping

Russia continues to depend on European shipping to transport its oil, even as its supplies exceed the price caps set by the Group of Seven (G-7) and its allies, according to the Centre for Research on Energy and Clean Air (CREA) based in Helsinki.

’Dark' Ships Deceive Locations to Move Billions in Oil Globally
’Dark' Ships Deceive Locations to Move Billions in Oil Globally

A growing number of ships are manipulating their reported locations for illicit activities, potentially involving goods worth billions of dollars.

Rising Oil Prices Push Up Gas Costs for US Drivers, Aiding Russia's War Effort
Rising Oil Prices Push Up Gas Costs for US Drivers, Aiding Russia's War Effort

Rising oil prices are impacting consumers, complicating the global fight against inflation, and contributing to Russia's war chest.

Jennifer Joslyn
Previous

Female driver recruitment relies on addressing industry harassment issues, Women In Trucking founder says
Next

Eastern and Central Europe see nuclear power revival