Bangladesh is set to receive its first U.S.-loaded liquefied natural gas (LNG) cargo since mid-2022, which is also believed to be its first spot LNG cargo since that time, according to ship tracking data and an analyst.

The purchase comes amid easing Asian spot prices that have slid nearly 40% this year.

The Seapeak Magellan vessel picked up the cargo of about 155,000-156,000 cubic meters at Calcasieu Pass, Louisiana, and departed on Jan. 18, according to Refinitiv and Kpler shipping data.

Its discharge destination is Bangladesh’s Chittagong port.

Kpler’s shipping data also shows that the Seapeak Magellan is chartered by TotalEnergies.

“Bangladesh’s first spot cargo since June 2022 is likely on board the Seapeak Magellan,” said Olumide Ajayi, senior LNG analyst at Refinitiv.

The vessel, with an estimated arrival date of Feb. 21 at the Chittagong port, “matches the date of the Petrobangla tender reportedly won by TotalEnergies”, he added.
TotalEnergies did not respond to a request for comment.
The lowest offer for the second tender was made by JERA, Japan’s biggest power generator, at $16.50 mmBtu, said three sources.

Global market supplies however remain tight, and producers will be receiving many offers, said Refinitiv’s Ajayi.

“It’s a suppliers’ market. It’s whether Bangladesh comes with an offer to meet Brunei’s expectations,” he said.

“There are other producers in the Pacific basin as well that provide easy shipping access to Bangladesh, like Papua New Guinea, Brunei and Indonesia’s Bontang LNG project, of which some of their contracts are expiring soon.”

Bangladesh has a 10-year contract with Oman Trading International and a 15-year contract with Qatar.

Bangladesh has not received any shipments apart from Qatar-loaded cargoes since June 2022, according to Refinitiv data.
Source: Reuters