Jun. 16 at 6:11 PM
$XOM to relet 174K cbm LNG carriers to commodity trading giant Trafigura on 2-year charters starting 4Q26
With Qatar’s Ras Laffan Train S4 & Train S6 facing a lengthy 2-3-yr repair timeline, Exxon finds itself heavily overcapacity on shipping tonnage. Reletting these state-of-the-art newbuilds allows Exxon to pivot from cargo losses to locking in steady charter revs
Trafigura recently signed a 5-yr, 0.5 MTPA supply deal w/
$VG starting in 4Q26. To maximize profits on volatile spot spreads b/n the US, Europe, & Asia, they cannot rely on expensive spot freight or last-minute borrowed tonnage
Commodity trading houses start acting like shipping companies - giants like Trafigura are rapidly building & leasing physical fleets to secure mid-term shipping cover. They want to control the entire arbitrage chain directly from the US wellhead to the global regasification terminals
$LNG $BWET
