Shell is looking at a potential profit of $120m on a single LNG cargo despite paying a record rate to charter an LNG carrier, according to analysts at Bernstein.

TradeWinds reported on Friday that the oil and gas major has fixed the Maran Gas Maritime-owned, 174,000-cbm Yiannis (built 2021) at $400,000 per day.

Record levels of European LNG demand due to Russia’s invasion of Ukraine has driven LNG tanker spot rates to a record.