Analysts and traders say the scramble for LNG ships could create the next serious shortage in the energy market -- not enough ships to transport LNG from exporters to buyers. Freight rates for liquefied natural gas (LNG) vessels hit record highs on Tuesday as Europe scrambles to hoard gas to secure supplies for the winter, a battle for ships is raging. The cost of chartering an LNG carrier in the Atlantic basin has now jumped to $397,500 a day, surpassing a record high set last year, according to shipbroker data collected by Spark Commodities. The Atlantic Basin includes the eastern United States and the Gulf Coast, the Caribbean, Europe and West Africa. Since the Russian-Ukrainian conflict erupted in late February, LNG freight rates have soared, and the average daily cost of chartering has risen from $14,300 to just under $400,000. Europe is looking to import more LNG to replace Russian pipeline gas, while North Asia is gearing up for the winter. The Russian-Ukrainian conflict has left Europe desperate for energy, with demand for liquefied natural gas rising 65 percent year-on-year in the first eight months of this year, the International Energy Agency said. LNG production units plant around the world are also keeping an eye on the news, as price fluctuations can affect the company's economic interests. For example, the owner of  an small scale liquefied natural gas plant in Africa keeps an eye on the market price of natural gas. Most European LNG is shipped by sea. Gas from the U.S. accounted for more than 70 percent of continental European gas imports in September, up from 63 percent in August, according to Refinitiv data. Russia has cut off most of its gas supplies to Europe, and countries such as Germany have traditionally relied heavily on Russian energy exports. Since August, Kremlin-controlled Gazprom has completely halted gas deliveries to Europe via the key Nord Stream 1 pipeline and has shut other pipelines several times. LNG freight rates may continue to soar As the hoarding continues, LNG shipping rates and are expected to continue to soar. For those gas buyers who don't have a boat, they will have to pay higher freight rates to deliver the fuel, and worse than the sky-high freight rates, they may find they can't get a boat at all.Because the liquefied natural gas produced by LNG liquefaction plants is suitable for long-distance transportation, it can provide electricity and fuel for places without gas fields.. Analysts and traders say the scramble for LNG ships could create the next serious shortage in the energy market -- not enough ships to transport LNG from exporters to destinations. In order to survive the winter, Europe is filling up gas storage without stopping. Utilities and traders are increasingly storing LNG on ships at sea as gas inventories near maximum capacity, further tying up ships that normally carry the fuel between ports. Energy majors typically lease ships to LNG buyers, but this year is different, LNG traders said, and they are less willing to lease due to fears of a shortage of ships in the winter. Earlier this month, Eirik Haavaldsen, an analyst at investment bank Pareto, predicted that LNG freight rates could exceed $1 million a day in the fourth quarter. Rongteng is a Chinese LNG production plant provider. Contact: Tel/WhatsApp/Wechat : +86 1388 0760 589 Email: sales01@rtgastreat.com Website: www.rtgastreat.com Address:No. 8, Section 2 of Tengfei Road, Shigao Subdistrict,Tianfu New Area, Meishan city, Sichuan China 620564