Europe is turning to floating LNG terminals as it scrambles to solve its natural gas crisis

Europe is racing to set up floating terminals to handle imports of gas as it tries to resolve an energy crisis caused by a Russian squeeze on supplies.

By the middle of next year, Italy and Finland will be home to at least one offshoreLNG unit, according to their providers.

The New York Times reported that Estonia is on track for the installation of the first floating terminal in Europe since the war in the Ukraine.

Europe's energy crisis is likely to last until at least the year 2025.

ICE Exchange data shows that Dutch TTF natural gas futures have risen over 600% in the past year.

Europe is scrambling to set up floating storage and "regasification" units to make up for the flow shortfalls caused by Russian imports. There are 25 new units that will be installed in the next few years.

For processing and conversion from liquid to gas, the terminals can take shipments of liquified natural gas. They can be used as an alternative to permanent regasification facilities for imports.

The US-based company said in its quarterly earnings report that it plans to relocate a floating terminal from Argentina to Finland at the end of the month.

Steven Kobos, the CEO of Excelerate, said in a statement that they support Europe's efforts to enhance its energy security through increased access to global Liquefied Natural Gas supplies.

Golar said Thursday that it sold a floating terminal to Italian energy network Snam. The Golar Tundra will dock off the west coast of Italy.

The go-ahead to proceed with the sale of another tanker to the Italian government isn't expected until late this year at the earliest.

"Snam is taking a decisive step to enhance the security and diversity of Italy's energy supplies, in line with its mission," the company's CEO said in a June statement.

According to S&P Global, Italy and Greece plan to build floating gas import terminals. Germany is most likely to suffer the biggest shock from Russia's squeeze on gas supplies, which is why they are leading.

There is a map showing where Europe gets its natural gas.