Floating storage of LNG is a nice thing, but it does not work at all like oil. Because LNG is a cryogenic liquid, even the best insulation results in the entry of heat which results in Boil Off Gas. This means that while an oil tanker may lie in the water for months, the cargo does not change. In LNG’s case, it becomes less and less in time. Plus, if this Boil Off goes on for a longer while, the composition of the LNG changes as the Methane fraction boils off faster than the heavier hydrocarbons. This is a hairy dance. That it’s being done is a testament to the sophistication of the LNG industry today.
Liquefied natural gas tankers are taking longer-than-usual journeys to deliver cargoes and spending more time idling at sea in a sign some traders are starting to use vessels for storage.