At least 38 cargoes have been re-exported from terminals in Spain, Belgium and France and taken to Asia or South America this year, ship-tracking data compiled by Bloomberg and information on the website of Enagas SA show. The data capture vessels sailing from one European import terminal to another and then sailing to a different continent and compare with 12 for the whole of 2011, according to the International Group of LNG Importers, which represents 68 companies in 21 countries.

One million British thermal units of LNG for delivery in one to two months is priced at $14 in northeast Asia and $9.70 in southwest Europe, according to World Gas Intelligence, a research company. The difference of $4.30 compares with a shipping cost of $3.93, Arctic Securities estimates.

While that implies profit even with the jump in freight rates, Asian prices are now declining in part because of the additional supply from Europe. LNG costs have fallen for seven consecutive weeks in northeast Asia to the lowest this year, World Gas Intelligence estimates. Japan paid a record $17.04 per million BTU in May, according to LNG Japan Corp

Eoin Treacy's view Natural gas is abundant, supply growth is often concentrated in politically secure areas and it is less polluting than other fossil fuels. As environment regulations become more stringent demand for the commodity is on a secular growth trajectory. LNG will make up an increasingly important component of the global energy mix as more export facilities come online. The resulting demand for shipping offers an investment avenue. (Also see Comment of the Day on July 4 th).

Both Golar LNG and Teekay LNG rallied for the last four consecutive weeks and have entered a period of consolidation.