Hormuz LNG breakthrough: Four LNGCs eye the exit

Who’s next to negotiate? While the current voyages from Qatar to Pakistan have piqued interest among market participants, Pakistan remains well-positioned to crack negotiations with Iran to secure Qatari cargoes.   The critical question: will other buyers strike similar deals with Iran to unlock Qatari cargoes? The possibility of other Asian buyers breaking such deals remains unclear, with QatarEnergy extending the force majeure until June, leaving shipments contingent on political negotiation rather than market demand. Furthermore, no LNGC has entered the Strait of Hormuz since the war began.    Kuwait’s workaround According to Drewry AIS , Kuwait sourced 0.8 million tonnes of LNG between January and April 2026 (down 1 million tonnes from last year YTD), all from Qatar via LNGCs trapped inside the Gulf. In March, the volume was 0.14 million tonnes, and in April, 0.16 million tonnes. We project that Kuwait will import about 4 million tonnes in 2026 – all from Qatar, and still nearly half from 2025.