Qatar Diverts Gas Tankers Away From Red Sea to Avoid Risks
(Bloomberg) -- Qatar is avoiding sending liquefied natural gas shipments to Europe through the Red Sea due to heightened risks and continued attacks by Houthis on vessels in the waterway.Â
Three LNG tankers that had paused off the coast of Oman over the weekend after US-led airstrikes against the militant group in Yemen now appear to be heading toward the Cape of Good Hope in southern Africa, according to ship-tracking data compiled by Bloomberg. It's also possible the ships, which were initially planning to sail through the Red Sea and Suez Canal, could be diverted to Asia.
The US is warning shipowners to steer clear of the Red Sea following months of attacks by the Houthis. A US-owned commercial vessel was hit by an anti-ship ballistic missile fired by the Iranian-backed rebel group on Monday.
Qatar is the biggest supplier of the heating and power-station fuel to Europe. While the longer journeys will tie up tankers and boost freight costs, they're not expected to lead to shortages in Europe, given high stockpiles and subdued industrial demand. Moving LNG from Qatar to the UK via southern Africa takes about 27 days, compared with 18 through the Suez Canal, according to ICIS.Â
Another empty LNG tanker returning from Europe, which was paused by Qatar in the Red Sea over weekend, is now heading toward the Bab el-Mandeb Strait that separates Yemen from the Horn of Africa at the southern end of the waterway, according to shipping data.
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©2024 Bloomberg L.P.
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