Wave of LNG tankers is overwhelming Europe in energy crisis and hitting natural gas prices
As a result of sanctions that are placed on Russian exports, Europe has relied on American LNG imports. However, European ports have been overwhelmed by the influx of shipments as they are reaching maximum capacity. There are 641 LNG vessels operating in the world and 60 of them are waiting to discharge their fuel in Europe. These LNG tankers have been idling or slowly sailing around northwest Europe, the Mediterranean, and the Iberian Peninsula. The Europeans have failed to readjust their gas capacity, rendering them unable to use the gas they are receiving. As a result, European gas shortages continue to rise and have reached 93%. Additionally, prices will continue to rise on fuel companies.