The structure of the international LNG market has evolved significantly in the past decade. Until relatively recently, virtually all LNG produced was sold by joint venture liquefaction project companies (or in some cases, the sponsors or others with capacity in the liquefaction plant), utilising dedicated LNG ships, to large utility buyers supplying dedicated end-user markets. With the growth in LNG trade and the opening up of new gas markets to LNG, particularly the liquid gas markets of the US