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Loaded LNG tankers cleared Hormuz in record numbers during the war in October: 31, up from 23 in September, Reuters reports, citing S&P Global Energy shiptracking data. The UAE’s Das Island sent eight, back to its pre-war level, and Qatar’s Ras Laffan sent 23, just over 30% of its own, which puts Qatar’s normal at roughly 70-75 loaded tankers a month, by our math.
A third of normal: Qatar’s loadings are still well short of February, though October’s were the highest of the war. Separate Kpler data recorded 42 LNG cargoes loaded across the two hubs in October, up from 27 in September, with Ras Laffan accounting for 35 cargoes totaling more than 2.7 mn tons, against the nearly 6.2 mn tons Qatar exported in February. Das Island’s loadings were held at seven.
The pickup has been building: Al Marrouna crossed Hormuz in early September in the first tracked Qatari LNG transit since early July, having waited roughly a month after loading. By early October, four more loaded carriers had appeared outside the strait after untracked crossings.
No second exit
Adnoc Gas’s LNG has one way out, and the company is weighing another. It is assessing alternative ways to deliver gas to customers as regional tensions disrupt exports through the strait, Reuters reports, citing CEO Fatema Al Nuaimi on an earnings call. Executives said no final decision has been taken on potential LNG export facilities in Fujairah, and the company was already assessing an east coast facility in August.
How it got here: Adnoc originally planned its 9.6 mtpa LNG project in Fujairah, then decided in 2023 to move it to Ruwais, closer to its main Abu Dhabi operations, which leaves its shipments dependent on Hormuz. The Ruwais facility is expected to begin exporting in late 2028 or early 2029.
The cost of that dependence is already clear: Adnoc Gas’ 2Q net income fell 52% y-o-y to USD 665 mn as Hormuz disruptions curtailed exports, before recovering to USD 1.34 bn in 3Q, as production, prices, and export volumes improved.
