SINGAPORE, Aug 11 (Reuters) - Australia is shipping its first ever cargo of liquefied natural gas (LNG) to Chile, according to shiptracking data by Kpler and Refinitiv, as producers divert shipments from oversupplied Asian markets to other consumers.
The Sevilla Knutsen LNG tanker, carrying about 170,000 cubic metres of liquefied gas loaded from the Gladstone LNG plant in Queensland in late July, is expected to discharge into Chile's Valparaiso on Aug. 15, according to the data.
The trade shows the extent of oversupply to the Asian LNG market this year following the coronavirus outbreak and a warm winter, with sellers having to find alternative destinations for their cargoes.
The Sevilla Knutsen's voyage to Chile follows a journey by another vessel from Australia to Mexico.
"The rare (Australia to Latin America) trade was completed just a month ago onboard the British Mentor, carrying a cargo from Wheatstone to Manzanillo (in Mexico)," said Rebecca Chia, LNG analyst with data intelligence firm Kpler.
This marks "a new trade route for Australian players to divert their surplus cargoes amidst the current supply overhang in the Far East", she said.
Latin America's LNG demand has also been hit by COVID-19, but the current peak-demand winter season in the southern hemisphere and reduced production from U.S. plants are providing some opportunities for LNG deliveries to the region.