TREASURE SHIPS

Just two years ago, exporting American liquefied natural gas (LNG), most of it produced by fracking, was a terrible business, with most exporters barely breaking even. Now, thanks to a pandemic-induced energy crisis, it’s a license to print money. Here’s what the profit margins are at three major import destinations.

TOKYO 2019 LNG price:

$6/MCF* November 2021:

$34/MCF Current gross profit per tanker: $87 million

ISLE OF GRAIN, U.K. 2019 LNG price:

$5.1/MCF November 2021:

$32/MCF Current gross profit per tanker: $80 million

DAHEJ, INDIA 2019 LNG price:

$5.7/MCF November 2021:

$34/MCF Current gross profit per tanker: $87 million

* November spot price or nearest future. Cargo values for average-size LNG tanker. Sources: ICIS, Platts LNG Daily, U.S. Energy Information Administration