You would not be mistaken for thinking the LNG bubble has burst, given the huge cash writedowns by gas producers in recent days.

And yet even as the world's biggest floating gas production system lies idle, operator Shell has this week signed a host of new gas shipping contracts.

So what’s going on? Certainly, there was much excitement 10 years ago when Shell first unveiled plans for the floating LNG leviathan longer than the Empire State Building was tall.