LNG

The adjournment of the IMO’s adoption of the Net-Zero Framework in November last year was widely seen as a setback for the shipping sector’s climate ambitions and the uptake of cleaner fuels, but the reality has been that development has continued apace in the intervening months. Fuelling Editor Malcolm Ramsay has more. 

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Germany’s near-total dependence on US LNG, which accounted for 96pct of its imports last year, has been an open vulnerability since Europe’s post-Russia supply reset. This week’s Uniper–Canada talks signal genuine intent to diversify. But intent and delivery are separated by years of east coast infrastructure that does not yet exist.

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QatarEnergy has ceased all LNG production after Iranian drone strikes hit facilities at both Ras Laffan and Mesaieed industrial cities. Saudi Arabia's Ras Tanura refinery was also attacked. With commercial shipping through the Strait of Hormuz sharply curtailed and around a fifth of global LNG supply now offline, European and Asian gas prices have surged by up to 50pct. There is risk the shock could exceed the 2022 Russian gas crisis if the disruption is prolonged.

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Ten years after the Asia Vision departed Sabine Pass with the first commercial LNG cargo from the Lower 48, the United States has transformed from net importer to the world's largest exporter. Supply continues to surge; appetite in key markets remains sound. The constraint now is infrastructure.