Dozens of ships carrying LNG are circling off the coasts of Spain and other European countries, not able to secure slots to unload because plants that convert the fuel back to gas are full.
According to Reuters, there are more than 35 LNG-laden vessels drifting off Spain and around the Mediterranean, with at least eight vessels anchored off the Bay of Cadiz alone.
Now, the congestion of cargoes has raised concerns about Europe’s ability to process the LNG supplies needed to deal with the lack of Russian pipeline supply.
More specifically, Spain is offering just six slots at its regasification terminals for cargoes this week, which is less than a fifth of