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"Europe is now importing from the U.S. – for that distance you need ships. They also import from the Middle East, Qatar and all the other countries, therefore we need more LNG."
As Russia drastically reduced gas exports via the Nord Stream 1 pipeline, Europe has increasingly tried to plug the gap with LNG.
However, other large markets like South Korea and Japan are doing the same. That has created a demand that the suppliers cannot match – driving competition between Asia and Europe for the precious cargo – which itself is driving up prices even further.
The cost of LNG is now as much as 15 times higher than it was at the start of the year. But that's not only down to a lack of ships.
"The increased cost of energy is not just because of the increased cost of transportation," says Xiradakis, who explains that while prices have gone up 15-fold, transportation has only doubled, meaning the real problem is a lack of product.
"You cannot substitute the Nord Stream 1 or Nord Stream 2 with ships that are not even in the water yet," he adds.