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|Transformations in gas shipping: market structure and efficiency|Engelen, S.; Dullaert, W. (2010). Transformations in gas shipping: market structure and efficiency. Maritime Economics & Logistics 12(3): 295-325. hdl.handle.net/10.1057/mel.2010.10
In: Maritime Economics & Logistics. Palgrave Macmillan: Basingstoke. ISSN 1479-2931; e-ISSN 1479-294X
market efficiency; gas markets; LNG; LPG; ammonia; petrochemical
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This article aims to improve understanding of the gas shipping markets which, contrary to the main merchant markets – namely the dry, the tanker and the container markets – have not been subject to the same scrutiny. We examine the fundamentals and segment these versatile markets in which expanding gas production and the drive towards liberalization are affecting market conditions. The analysis shows that the industrial LNG, LPG, ammonia and petrochemical markets are slowly transforming to a competitive setting with an increasing number of private buyers and sellers rendering the market more efficient. The gas asset markets are still too small in size and illiquid so that entry and exit through the second-hand market remains difficult.