Adnoc Appears to Export Second LNG Shipment Through Hormuz

Why It Matters

The movement suggests that Gulf LNG exports can resume despite the war, offering a potential relief to strained global gas markets.

Key Takeaways

• ADNOC's Mraweh tanker loaded LNG near Indonesia, headed for Japan.
• Shipment marks second Gulf LNG export through Hormuz since February war.
• Conflict blocks ~20% of global LNG supply, pushing Europe and Asia prices.
• Satellite images show continued loading at Das Island despite shipping silence.
• Most Gulf LNG carriers remain idle; pre‑war transit was three daily.

Pulse Analysis

The Iran‑U.S. confrontation that erupted in February has turned the Strait of Hormuz into a geopolitical choke point, curtailing the flow of roughly one‑fifth of the world’s liquefied natural gas. Both nations have imposed de‑facto blockades, and Iranian drones have already struck an empty ADNOC tanker off Oman. These disruptions have forced shippers to reroute or suspend voyages, inflating spot gas prices across Europe and Asia and prompting governments to seek emergency supplies.

Against this backdrop, Bloomberg’s ship‑tracking data shows the Mraweh tanker, owned by ADNOC, loading a cargo—presumably at the Das Island facility—and sailing toward Japan. The vessel’s last known position was near northern Indonesia before it vanished from AIS for two weeks, a pattern mirroring the earlier Mubaraz shipment in March. Satellite imagery confirming another tanker docked at Das Island underscores that the export hub remains operational, even as traditional AIS signals are intermittent. This second confirmed transit through Hormuz signals a tentative reopening of Gulf LNG routes, albeit under heightened risk.

For the broader market, the ability to move even a single additional cargo can temper the supply shock that has driven European winter gas contracts above €100 per MWh and lifted Asian spot LNG to record highs. While most Gulf carriers stay idle—pre‑war traffic averaged three loaded vessels daily—the successful passage of Mraweh may encourage other producers to test the corridor, potentially easing price pressure. Nevertheless, the security environment remains volatile, and any escalation could instantly reverse these gains, keeping the global LNG outlook uncertain.