QatarEnergy is offering ten of its liquefied natural gas (LNG) tankers that are currently positioned outside the Strait of Hormuz, for lease, according to Reuters.
This came as the company deals with a production halt at its 77 million tons per year (mmt/y) facility after the escalation of the U.S.–Israel war with Iran disrupted shipping through the Strait of Hormuz.
Energy Minister Saad al-Kaabi told the Financial Times that returning LNG deliveries to normal levels could take weeks to months, even if the conflict ended immediately. QatarEnergy also declared force majeure on LNG shipments earlier this week.
The production shutdown has tightened LNG supply and intensified competition between the Atlantic and Pacific basins for available cargoes, pushing European and Asian gas prices as well as LNG freight rates to multi-year highs.
Klaas Dozeman, a market analyst at Brainchild Commodity Intelligence, said the vessels were positioned outside the Strait of Hormuz to avoid security risks. He added that two of the tankers scheduled to deliver cargoes to Europe next week are unlikely to return to QatarEnergy service soon, suggesting a rapid restart of production appears increasingly unlikely.
Among the vessels offered for lease are four Q-Flex tankers — Murwab, Al Safliya, Al Thumama and Al Oraiq — each capable of carrying around 210,000 cubic metres of LNG, roughly 50% more than conventional tankers. The remaining vessels, including Mesaieed, Wadi Al Syl, Al Sakhama, Al Khuwair, Al Shamal and Slaimi, have capacities of about 174,000 cubic metres and are powered by dual-fuel two-stroke engines.
Most of the ships are available for immediate charter, with others offered from mid-March.
