Report published September 28, 2026
Global LNG Supply & Shipping Tracker: Dancing in the Dark – J.P. Morgan
J.P. Morgan · September 28, 2026
QatarEnergy has increased 'dark' AIS-off tanker transits through the Strait of Hormuz, achieving seven exits in September, all heading to Asia. However, these shipments represent floating storage clearing rather than an operational restart, with Qatari liquefaction utilization lingering near 20%.
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Finvaulta summarizes J.P. Morgan's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.QatarEnergy has accelerated 'dark' mode transits via the Strait of Hormuz, logging seven September exits (four in the past week), the busiest weekly rate since March.
- 2.The recent pickup in shipments reflects floating storage drawdown rather than an underlying operational recovery; Qatar liquefaction utilization remains curtailed near 20%.
- 3.All seven September cargoes exited toward Asian markets, with zero Qatari cargoes reaching Europe since March 2026.
Table of Contents
- Dancing in the dark
- LNG shipments through major maritime routes
- New supply tracker
- Latest Research
- Related research on the impact of Middle East conflict on global LNG markets
Report data
Figure 1: LNG vessel transits in Strait of Hormuz – September 2026 — as of September 28, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Strait of Hormuz LNG exits in September 2026 | 7.0 vessels | Improvement versus August when zero transits occurred |
| QatarEnergy liquefaction utilization rate | 20.0% | Estimated based on loading data throughout August and September |
| LNG vessels remaining inside the Persian Gulf | 14.0 vessels | 12 of the vessels are associated with QatarEnergy |
| Persian Gulf LNG vessels with transponders off (dark mode) | 8.0 vessels | Highest proportion off radar since the conflict began |
| Strait of Hormuz dark LNG transits past week | 4.0 vessels | Busiest week for LNG transits since March |
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