Several Qatari liquefied natural gas tankers are heading back toward the Arabian Gulf, a sign the supplier may be positioning vessels for a resumption of exports through the Strait of Hormuz. Six empty gas carriers linked to Qatar are in the Gulf of Oman or on their way there, according to ship-tracking data compiled by Bloomberg. Another empty ship recently crossed the Hormuz, and is currently in the Arabian Gulf heading toward Qatar, Kpler data shows.
Qatar, which used to account for a fifth of the world’s LNG, has all-but halted shipments since one of its tankers was attacked in late July. That’s in contrast with oil exports that have picked up markedly over the last month or so. The ship movements suggest Qatar might be taking a more aggressive approach, even as fighting between the US and Iran has flared up again and Tehran declared a restricted zone outside Hormuz.
Qatar has continued loading LNG onto available empty tankers inside the gulf, and also kept exporting fuel to Kuwait, helping it manage storage and keep parts of its massive export complex running at minimum levels. Maintaining some output allows QatarEnergy to keep equipment operational and gives it the flexibility ramp up more quickly if tensions in the waterway ease.
But months of disrupted exports have steadily depleted the pool of available empty vessels. There are now 15 LNG carriers idled behind Hormuz carrying Qatari gas, while another two vessels are currently loading at Qatar’s Ras Laffan export terminal, according to ship-tracking data.
