The platform is an online auction platform that allows members to initiate auctions for the sale or purchase of physical cargoes of LNG, while also allowing members to bid on auctions initiated by other members.
The aim is to reduce transaction times for individual cargo sales from weeks to days while providing a transparent, competitive and objective process for spot LNG sales.
“The LNG market is in a state of flux and change,”? said GLX founder Damien Criddle.
“This is the right time for this initiative to be put to the market.”?
GLX is waiving fees for trading participants for the first 12 months as encouragement to join.