Mitsui OSK Lines Suspends LNG Shipments Through Strait of Hormuz

Mitsui OSK Lines has suspended liquefied natural gas tanker shipments through the Strait of Hormuz, disrupting a waterway that typically handles 20% of the global supply. The suspension has pushed Asian spot LNG prices to their highest levels since 2022, prompting buyers in the region to reduce purchases as winter heating demand approaches.

Chairman Takeshi Hashimoto announced the decision during the Gastech conference in Bangkok, stating that resuming shipments is currently "almost impossible." Hashimoto expressed pessimism regarding a near-term peace settlement among the conflicting parties and warned that alternative supplies from Africa, Australia, Canada, and the United States are insufficient to cover total global demand.