QatarEnergy is leasing out 10 LNG tankers positioned outside the Strait of Hormuz as its major export facility remains shut amid the escalating U.S.-Iran conflict. The disruption has driven global LNG freight rates and gas prices to multi-year highs, signaling prolonged supply uncertainty.

Qatar Energy offers tankers for lease as production halts, shipping rates soar

March 07, 2026

Marwa Rashad/Reuters

FILE PHOTO: QatarEnergy's liquefied natural gas (LNG) production facilities, amid the U.S.-Israeli conflict with Iran, in Ras Laffan Industrial City, Qatar March 2, 2026.

Stringer/Reuters

QatarEnergy is offering for lease 10 liquefied natural gas tankers currently located outside the Strait of Hormuz, two industry sources told Reuters.

The world's second-largest LNG exporter has announced a production halt at its 77 million ton per annum (mtpa) facility, and shipping rates have soared as the U.S.-Iran conflict heads into its second week.

Qatari Energy Minister Saad al-Kaabi told the Financial Times it would take "weeks to months" to return to normal deliveries, even if the war ended today. The company declared force majeure on LNG shipments on Wednesday.

The production halt has intensified competition between the Atlantic and Pacific basins for LNG cargoes, sending European and Asian gas prices and LNG freight rates to multi-year highs.

"All of the tankers on offer are located outside the Strait of Hormuz, so that any safety issues can be avoided," said Klaas Dozeman, market analyst at Brainchild Commodity Intelligence.

"Two of the tankers are due to deliver next week in Europe. This implies that these vessels are not expected to be back in service for QatarEnergy anytime soon, indicating a quick and full restart is becoming increasingly unlikely," he added.

The vessels offered for lease include at least four Q-Flex tankers, Murwab, Al Safliya, Al Thumama and Al Oraiq, with a capacity of approximately 210,000 cubic metres, which are able to carry up to 50% more volume than conventional LNG tankers and are typically used by Qatargas to export its LNG to Europe or Asia.

The others are dual-fuel, two-stroke engine vessels with a capacity of 174,000 cubic metres. Most of the vessels are offered for prompt lease and some from mid-March. These are Mesaieed, Wadi Al Syl, Al Sakhama, Al Khuwair, Al Shamal and Slaimi.

LNG freight rates have soared this week, with Atlantic rates hitting a new week-on-week record, increasing by $221,500/day to $264,250/day, the highest since December 2022, according to data from Spark Commodities. Pacific rates followed suit and rose to $219,250/day.

-Marwa Rashad/Reuters