Global LNG Supply & Shipping Tracker

研报英文原文证据摘录

Global LNG Supply & Shipping Tracker

J P M O R G A N Global Markets Strategy

27 July 2026

Global LNG Supply & Shipping

Tracker

Qatar utilization slips further

LNG transit via the Strait of Hormuz remains halted. Based on Bloomberg Global Commodities Research

ship-tracking data, the last observed exit of an LNG vessel through the Strait took Otar Dgebuadze, CFA

place on July 12, while the last confirmed entry happened two days earlier on July (44-20) 3493-8246

10 (Figure 1LNGveselstraficinStraitofHormuz). Meanwhile, deliveries to Kuwait have also slowed down, with us otar.dgebuadze@jpmorgan.com

noting a single delivery in the last two weeks taking place yesterday. J.P. Morgan Securities plc

Accordingly, Qatar ramp up is facing challenges. As the availability of ballast

vessels inside the Strait slowly diminishes, Qatar Energy is forced to slow down

loadings. We estimate that last week only two cargoes were loaded at Ras Laffan,

compared to five loadings last week. This is not surprising as there have been no

confirmed transits via Hormuz over the past week, we still count 23 LNG vessels

in the Gulf, and demand within the Gulf (Kuwait + UAE) remains limited (Table

1LNGveselsinthePersianGulf). Accordingly, we estimate that Qatar’s liquefaction capacity is now averaging

near 13% on a 7-day moving average basis (based on loading data), compared to

22% last week and 30% two weeks ago (Figure 2ActualrampupspedofQatarLNGliquefactioncapacity).

The key question remains how quickly the current escalation can be resolved,

will Qatar avoid another production shut down and what is the risk premium

around Qatar’s supply in the upcoming winter.

Figure 1: LNG vessels traffic in Strait of Figure 2: Actual ramp up speed of Qatar LNG

Hormuz liquefaction capacity