Executive Summary

Cleaner burning natural gas is gaining global energy market share and will likely become the fossil fuel bridge to a renewable energy future. To satisfy growing gas demand in regions beyond the reach of producer pipelines, increasing volumes are being transported as liquefied natural gas (LNG) aboard super-cooled tankers. Worldwide LNG processing capacity is expanding rapidly, yet the marketplace where the physical cargoes trade reflects an earlier time. The lack of a transparent future LNG price discovery mechanism and standardized contract terms for trading cargoes is a ...