{"id":81944,"date":"2024-01-16T00:00:00","date_gmt":"2024-01-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/16\/qatar-pauses-lng-shipments-through-the-red-sea\/"},"modified":"2024-01-16T00:00:00","modified_gmt":"2024-01-16T00:00:00","slug":"qatar-pauses-lng-shipments-through-the-red-sea","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/16\/qatar-pauses-lng-shipments-through-the-red-sea\/","title":{"rendered":"Qatar pauses LNG shipments through the Red Sea"},"content":{"rendered":"

Oil and gas woes deepen amid Red Sea escalation<\/strong>: <\/strong>No fewer than five Qatari vessels carrying liquefied natural gas (LNG) making their way to the Bab El Mandeb strait have been stopped in their tracks since Friday, Bloomberg<\/a> reported. Around 209 oil tankers \u2014 or 4% of the world\u2019s oil fleet \u2014 have started rerouting away from the Red Sea over the weekend in the clearest example of disruption to the oil market since Israel\u2019s war on Gaza began, according to Asharq Business<\/a>, citing a note from Oil Brokerage<\/p>\n

The bigger picture: <\/strong>While the Houthi group hasn\u2019t purposely targeted any oil tankers since the onset of attacks in November, Qatar \u2014 the second largest exporter of LNG to Europe \u2014 likely views US and UK strikes<\/a> in Yemen as the beginning of graver tensions in the Red Sea. The American and British navies jointly advised<\/a> merchant vessels to avoid Red Sea transit following their attacks on Houthi positions.<\/p>\n

This includes Qatar\u2019s state-owned LNG carrier <\/strong>QatarEnergy<\/a><\/strong>,<\/strong> which is pausing Red Sea transits pending a security update, Reuters<\/a> reported. \u201cIt is a pause to get security advice, if passing [through the] Red Sea remains unsafe we will go via the Cape \u2026 It is not a halt of production,\u201d a senior source that the newswire says has direct knowledge of the matter said.<\/p>\n

Market reax: <\/strong>Natural gas (Nymex) fell by 6.3% to USD 3.11 per MMBtu, while Brent crude inched down to 0.2% to USD 78.15 a barrel by the end of trading yesterday.<\/p>\n

The shipping industry is still feeling the pressure:<\/strong> German shipping line Hapag-Lloyd decided to continue to reroute ships around the Cape of Good Hope for at least another week since it pulled its fleet from the fraught waterway in December, a statement<\/a> from the shipping giant said. Shipowners group BIMCO<\/a> also issued a statement<\/a> yesterday highlighting the risks to shipping in the region that recommended \u201cshipping companies to consider avoiding shipping operations in the area.\u201d<\/p>\n

But, the recent disruptions in Red Sea shipping have not triggered a shift to air freight for <\/strong>FedEx<\/a><\/strong>,<\/a>Reuters<\/a> reports. \u201cShipping over the ocean makes up 90% of global commerce, so even a small change would have an impact, but we haven't seen much yet,\u201d FedEx CEO Raj Subramaniam said.<\/p>\n

\n

DEVELOPMENTS ON THE GROUND-<\/p>\n

The Houthis targeted a US commercial vessel with an anti-ship ballistic missile,<\/strong> US Central Command (Centcom) said<\/a> yesterday on X. The missile struck a US operated and owned container vessel dubbed the Gibraltar Eagle, with the ship continuing its journey without reporting injuries to crew or serious damage, Centcom added. <\/p>\n","protected":false},"excerpt":{"rendered":"

Oil and gas woes deepen amid Red Sea escalation: No fewer than five Qatari vessels carrying liquefied natural gas (LNG) making their way to the Bab El Mandeb strait have been stopped in their tracks since Friday, Bloomberg reported. Around 209 oil tankers \u2014 or 4% of the world\u2019s oil fleet \u2014 have started rerouting […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2621],"tags":[10,87,86,88],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-81944","post","type-post","status-publish","format-standard","hentry","category-red-sea-watch","tag-enterpriseam-ksa","tag-oil-and-gas","tag-red-sea","tag-red-sea-watch","wpautop","entry"],"acf":{"mongo_id":"fa9be1e6-81b5-40dc-80a4-902567509234","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1036.jpegbr!_StoryDek_!%20Oil%20traffic%20through%20the%20Red%20Sea%20has%20plummeted%20since%20last%20weekend's%20US-led%20strikes%20on%20Yemen","photo_position":"above","homepage_title":"","full_issue_title":"Qatar pauses LNG shipments through the Red Sea","related_issue":[81931],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.17cb6de8-0b81-4ca7-a744-dcd43cd6f137.mp3"},"yoast_head":"\nQatar pauses LNG shipments through the Red Sea - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/2024\/01\/16\/qatar-pauses-lng-shipments-through-the-red-sea\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Qatar pauses LNG shipments through the Red Sea\" \/>\n<meta property=\"og:description\" content=\"Oil and gas woes deepen amid Red Sea escalation: No fewer than five Qatari vessels carrying liquefied natural gas (LNG) making their way to the Bab El Mandeb strait have been stopped in their tracks since Friday, Bloomberg reported. 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