Yemen's Iran-backed Houthi group has since November been
attacking vessels in the Red Sea, part of a route that accounts for about 12%
of the world's shipping traffic, in what they say is an effort to support
Palestinians in the war with Israel.
At least four tankers used to carry Qatari LNG were held up
over the weekend after U.S. and British forces responded by carrying out dozens
of air and sea strikes on Houthi targets in Yemen.
The Al Ghariya, Al Huwaila and Al Nuaman had loaded LNG at
Ras Laffan in Qatar and were heading to the Suez Canal but stopped off the
coast of Oman on Jan. 14, according to LSEG shiptracking data. The Al Rekayyat,
which was sailing back to Qatar, stopped along its route on Jan. 13 in the Red
Sea.
"It is a pause to get security advice, if passing
(through the) Red Sea remains unsafe we will go via the Cape," the source
said. "It is not a halt of production."
The Qatari government's International Media Office and
QatarEnergy did not immediately respond to requests for comment.
The alternative route to Europe round the Cape of Good Hope
could add around 9 days to the 18-day voyage from Qatar, said ICIS LNG analyst
Alex Froley.
A trader calculated that could add about 1-1.30 euros per
megawatt hour (MWh) to the price of the cargo, although it would be partially
offset by not paying Suez Canal fees.
"Qatar will just take the long route via Cape of Good
Hope, which will result in delivery delays but nothing dramatic for European
balances," another trading source said on Monday.
Attacks by Yemen's Houthi militants on ships in the Red Sea
are disrupting maritime trade through the Suez Canal, with some vessels
re-routing to a much longer East-West route via the southern tip of Africa.
Shipowners and managers of the four vessels including Teekay
Shipping Glasgow, Pronav Ship Management, Nakilat Shipping Qatar Ltd and
Shell's shipping and chartering arm STASCO also did not immediately respond to
requests for comment.
Qatar shipped more than 75 million metric tons (MMt) of LNG
in 2023, according to LSEG data, including 14 MMt to buyers in Europe and 56.4
MMt to Asia.
While several LNG vessels have changed course, others have
continued to sail past Yemen through the Red Sea and Suez Canal, through which
Qatar, the United States and Russia are the most active shippers of the fuel
S&P estimates Qatari LNG cargoes through the canal at
14.8 MMt a year, U.S. cargoes at 8.8 MMt and Russian ones at 3.7 MMt.
Front month European benchmark gas prices on the Dutch TTF
hub were down 1.20 euros at 30.40 euros per megawatt hour (MWh) by 0842 GMT,
LSEG data showed.
Asia spot LNG prices fell to a seven-month low of $10.10 per
million British thermal units (mmBtu) on Friday, supported by healthy storage
levels in Europe and northeast Asia.
Oil prices edged lower after rising 1% on Friday on concerns the war could disrupt supplies. Reuters
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