ADNOC Loads LNG While Hormuz LNG Transit Stays Near Zero
Satellite data show ADNOC continuing to load LNG tankers in the Persian Gulf, even as laden gas carriers crossing the strait number in the single digits.
Abu Dhabi National Oil Company was still loading liquefied natural gas onto tankers in the Persian Gulf on Friday (2026-09-04), satellite imaging data cited by Bloomberg showed, as a fresh exchange of strikes between the United States and Iran kept the region on edge. ICE Brent crude front-month was trading at $98.60 a barrel on Tuesday (2026-09-08).5,6
Gulf producers supply a substantial share of global LNG volumes, so any sustained disruption to transit through the Strait of Hormuz tightens an already stretched spot market. JKM, the Asian LNG benchmark, held at $24.02 per MMBtu on Tuesday (2026-09-08), flat on the session, while ICE Endex TTF front-month gained 3.41% to €75.83 per MWh, a move that reflects supply route anxiety reaching European buyers.5,6
But the satellite data tell only part of the story. Oil tanker traffic through Hormuz has been recovering, yet LNG carrier crossings remain scarce. Just six laden LNG tankers crossed the strait in the period examined, market participants told Montel on Friday (2026-09-04) — a number that marks the gulf between crude and gas transit normalisation.7
LNG vessels carry significantly higher asset values than crude tankers, making operators and their insurers more reluctant to route them through a contested passage. Contract structures in the LNG market, where destination clauses and long-term offtake agreements create distinct legal and financial exposures, add a layer of caution crude shippers do not face.7
ADNOC has been working around the constraint. In mid-August (2026-08-17), two LNG tankers appeared to be conducting a ship-to-ship transfer outside the strait, according to satellite images seen by Bloomberg — a workaround that keeps molecules moving without requiring a laden vessel to make the Hormuz passage.4 That approach adds time, cost, and complexity, and depends on stable anchorage conditions outside the contested zone.
The company has moved simultaneously to secure its logistics capacity. On Friday (2026-08-07), ADNOC's logistics arm announced it had acquired six very large crude carriers and five very large gas carriers for roughly $1.3 billion, and separately ordered four new LNG carriers in a $900 million deal. The company said that same week that "freedom of navigation and the safe, uninterrupted passage of commercial shipping through international waterways must be respected and protected."3
That statement followed ADNOC's disclosure that 15 of its vessels had been attacked and that the attacks were having a significant impact on operations. The company was pressing to keep crude, gas, and refined products moving through Hormuz even as the threat environment worsened.3
Pressure on transit routes has been building since late June. Energy shipping through the strait slowed after attacks on a container ship on Thursday (2026-06-25), while fresh weekend strikes briefly lifted ICE Brent even as Gulf producers pressed ahead with loadings. Kpler data showed about 8 million barrels of Emirati and Qatari crude moved out on four very large crude carriers during that weekend. The Gulf accounts for roughly a third of global oil supplies, and producers' willingness to keep loading had been a persistent downward force on prices: ICE Brent fell 10.6% in the week of 2026-06-22, its third consecutive weekly decline, before the strike-driven rebound.1
By late July (2026-07-29), ADNOC was still pushing on with LNG exports from its Persian Gulf plant, with an empty LNG carrier owned by ADNOC's shipping arm observed heading toward the facility. That continuity of operations has carried into September, even as LNG carrier crossings of Hormuz remain far below pre-escalation levels.2
The gap between demonstrated willingness to load and the actual ability to transit the strait is where uncertainty accumulates. Producers loading into floating storage or ship-to-ship transfers can sustain output without guaranteeing delivery timelines. For buyers holding short-term LNG contracts, the distinction between cargo loaded and cargo delivered is a real one. TTF's 3.41% move on Tuesday (2026-09-08) suggests European traders are pricing that gap more seriously than crude markets are. Whether the count of laden LNG carrier crossings of Hormuz climbs toward the oil tanker recovery or stays near the single-digit levels Montel observed in early September is the next concrete number to watch.7,5