LNG was born in the Atlantic. The first cargo left Louisiana in 1959 and made it to England in 27 days : a mere 8 knots average, not even half the speed of modern carriers. Then in 1965, the Jules Verne inaugurated the world’s first commercial LNG chain between Algeria and France ; its 24’500 m3 capacity would be called small-scale by today’s standards.
Fifty years later, more than two thirds of the world’s LNG consumption is in the Pacific. And even though Houston and London remain major hubs, a third time zone is setting the pace of the business.
The rooftop terrace of Marina Bay Sands is like a ship’s prow floating 200 meters above the ground. Tonight it will be packed with LNG traders from all over the world. They mostly care about Japanese power, Australia’s exports or China’s coal. And US production – but those cargos will need a home here, in Asia.
No wonder that Singapore attracts many foreign LNG companies. An office here makes perfect sense to understand the present and prepare the future. LNG traders shall get ready to drink more Singapore Slings than Pimm’s.