LNG Shipments Through Hormuz Hit Highest Level Since Iran War Began
Shipping analytics firm Kpler estimated 21 liquefied natural gas (LNG) cargoes transited the Strait of Hormuz in September, the most since the Iran war began but still far below levels seen before the conflict. Vessel tracks from LSEG and Kpler showed three Qatari cargoes from Ras Laffan reappearing outside the chokepoint this week, even as many tankers switch off AIS transponders during passages.
Why It Matters
The restricted flow of Middle Eastern LNG has tightened global gas markets, contributing to the highest Asian and European gas prices since the 2022-2023 energy crisis and raising concerns about winter supply for Europe and Asia. Continued disruption and limited volumes through Hormuz could prolong price pressure and supply risk during peak demand months.
Key Facts
- Estimated LNG cargoes through Hormuz in September: 21 (Kpler estimate)
- Other count for September: 19 (S&P Global Energy)
- June comparison: 15 cargoes
- Pre-war share of global LNG: Strait handled about one fifth of global LNG supply
- Pre-war transit rate: About three LNG cargoes per day
Analytics firm Kpler counted 21 LNG shipments exiting the Strait of Hormuz in September, marking the highest monthly total since the Iran war began, according to shipping data compiled by Reuters. S&P Global Energy produced a similar figure, estimating 19 cargoes for the month, an increase from 15 cargoes recorded in June.
Despite the uptick, analysts stress that flows remain well below pre-war volumes, when the chokepoint accounted for roughly one fifth of global LNG supply and typically saw about three cargoes depart each day. Observers noted that three Qatari LNG cargoes from Ras Laffan reappeared outside the Strait this week, based on vessel-tracking information from LSEG and Kpler.
Tracking movements has grown more difficult because many tankers and LNG carriers are conducting 'dark transits' with AIS transponders switched off. That practice complicates efforts to reliably measure flows and assess the global supply balance. LNG carriers have also lagged crude tankers in restoring throughput, in part because ship-to-ship transfers of gas are more challenging than for oil.
The constrained Middle Eastern LNG supply over recent months pushed September gas prices in Asia and Europe to their highest levels since the 2022-2023 energy crisis, as buyers competed for cargos that do not need to pass through Hormuz. Qatar has extended a force majeure on deliveries to Asia and Europe through the end of November, and market participants warned that continued reduced flows could exacerbate winter supply risks for Europe and Asia if demand is strong.
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