•MV Epic St George LNG (liquid natural gas tanker)
A cargo of Liquefied Natural Gas (LNG) from Nigeria has been diverted from Europe to Asia, as the latter scrambles for products to replace output cut off by war in the Middle East.
The development marks the second diversion between Monday and today, reports AFP.
The conflict that began with U.S.-Israeli attacks on Iran on February 28 has halted traffic through the Strait of Hormuz, disrupting supply from Qatar – the second-biggest LNG exporter after the U.S. – causing buyers to compete for spare cargoes.
Shiptracking data from analytics firm Kpler showed that the Pan Americas, which loaded at Bonny LNG in Nigeria, was on course for Croatia before turning toward Asia via the Cape of Good Hope.
Sudden stoppage of exports from Qatar has sent natural gas prices soaring by 50% from year-ago levels across Europe and Asia. European gas prices soared as much as 30 per cent on Monday, as Middle East war roiled energy markets and spurred fears of prolonged supply disruptions.
Panicked buyers are now seeking out replacement cargoes.
On Monday, LNG tanker BW Brussels, which loaded a shipment at the Nigeria LNG Bonny Island Terminal on February 27, initially signalled a westward journey toward Europe. The cargo, however, altered its route and headed south toward Asia via the Cape of Good Hope.
The Dutch TTF natural gas contract, considered the European benchmark, jumped to 69.50 euros before paring gains slightly.
The benchmark Japan-Korea Marker for spot LNG cargoes jumped by 68.52 per cent to $25.393 per million British thermal units for April delivery last Tuesday, its highest level in three years, according to S&P Global Platts.
In comparison, spot LNG prices for deliveries to northwest Europe rose by about 57 per cent to $15.479 per mmBtu for April, reflecting a strong rally but still leaving Asia as the more lucrative destination for flexible cargoes.
Qatar is one of the world’s largest LNG exporters, and Asian buyers account for more than 80 per cent of its shipments, according to Kpler data.
The disruption to production there has tightened supply and triggered intense competition between the Atlantic and Pacific basins for available cargoes.
For Nigeria, the shift underscores the role of global price signals in determining cargo destinations in the highly flexible LNG market.
The country’s gas export revenue reached $2.7 billion in Q1 2025, a 27% increase from the previous quarter and an 86% year-on-year rise, driven by higher LNG production.
This is as the federal government said it is targeting $10 billion in annual exports, with US demand and the upcoming Train 7 project, currently 80% complete, expected to boost revenue.
