Lates News

Japan's top shipping company Mitsui O.S.K. Lines expects LNG shipments through the Strait of Hormuz will not resume anytime soon, signaling a prolonged disruption that could keep prices elevated and dampen Asian demand. Chairman Takeshi Hashimoto said: "As long as this situation continues, it is nearly impossible to transport LNG cargoes through the Strait of Hormuz, and at present, we are quite pessimistic about the near-term outlook." He said reaching a peace agreement among the parties looks "very, very difficult." The company has stopped sending LNG tankers through the Strait of Hormuz, a strategic waterway that carried about one-fifth of global supply before the conflict began. The disruption has pushed Asian spot LNG prices to their highest since 2022, and prices could rise further as winter approaches and heating demand increases. Hashimoto said the price surge has prompted many Asian buyers to scale back purchases.