Disruption to Gulf LNG exports is reshaping supply routes into Europe and Asia, while high gas prices have failed to lift shipping returns, Splash 247 reports. European gas prices have reached their highest levels since 2022, approaching $30 per million British thermal units. Yet the Baltic Exchange assessed spot earnings on the US Gulf-Europe LNG route at $21,200 a day last week, as shorter voyages returned ships to the available fleet more quickly.
Qatari exports remain severely constrained nearly eight months into the Hormuz crisis. Splash 247 cited Vortexa data showing five confirmed LNG carrier passages through the strait last week, compared with a four-week average of 12; just two were laden departures. Ras Laffan loaded 400,000 tonnes across five cargoes. Damage to two liquefaction trains in March has taken out 12.8m tonnes of annual production capacity, with repairs potentially lasting years. Italy’s Edison has received force majeure notices for 35 Qatari cargoes, representing 4.6bn cubic metres, with deliveries suspended until early December.
US terminals are supplying more of the displaced demand. Vortexa recorded American exports of 2.5m tonnes on 36 cargoes last week, while official US figures showed first-half 2026 exports rising 23%. According to S&P Global data cited by Splash 247, Europe and Turkey received 76 of the 143 US cargoes delivered in September. QatarEnergy also has exposure to this expanding supply base through its 70% ownership of Golden Pass in Texas.
Asian purchasing patterns are diverging. Oman, whose LNG terminals are outside Hormuz, became India’s largest supplier in September, delivering 590,000 tonnes against 340,000 tonnes from the US and 100,000 tonnes from Qatar, according to Kpler. Indian imports increased 7% year on year despite higher prices. China’s September imports fell to 5.2m tonnes amid softer industrial demand and increased pipeline supply, while Japan’s major utilities held 2.64m tonnes in inventory earlier this month, their highest level since December 2023.
Europe faces a tighter storage position. Stocks were 74.6% full this week, almost 15 percentage points below the five-year seasonal average, with Germany around 61%, Splash 247 reported. Cold weather could sharpen competition for Atlantic supplies as the EU prepares to halt remaining Russian LNG imports from 1 January. For shipowners, however, shorter US-Europe journeys are limiting tonne-mile demand. Fleet growth adds pressure: Flex LNG puts the orderbook at about 285 vessels, or 37% of the existing fleet, with roughly 95 deliveries expected next year.