Halt in LNG Loading at Yanbu Port Highlights Impact of Yemeni Ban on Saudi Energy Exports
Maritime data and satellite imagery indicate suspension of operations
NYN | Reports and Analyses
International data specializing in monitoring energy shipment traffic revealed that Liquefied Natural Gas (LNG) loading operations at the Saudi port of Yanbu on the Red Sea experienced a noticeable halt over the past weeks, serving as a new indicator of the impact of maritime security tensions on Saudi energy exports.
According to data published by OPIS, an agency specializing in energy markets and shipments, LNG loading activity at Saudi Aramco’s Yanbu terminal slowed sharply during last July. This coincided with the Sana’a government forces’ announcement of a ban on Saudi-linked navigation in the Red Sea.
Last Shipment Departed via Suez Canal
Shipping data supported by satellite imagery showed that the last LNG shipment to depart from the Yanbu terminal was aboard the Very Large Gas Carrier New York Lord. The vessel loaded its cargo during July before altering its course northward via the Suez Canal, avoiding transit through Red Sea zones experiencing heightened security risks.
The agency added that no new loading operations have been detected at Yanbu Port since then. Furthermore, no new negotiations or settlements were recorded among traders regarding cargoes previously scheduled from the terminal, reflecting persistent hesitation in the gas export market.
Most Shipments Suspended Despite Compensation Plans
According to the report, the Yanbu terminal had previously ramped up the pace of its loading operations in an effort to offset a portion of the export capacity loss resulting from shipping disruptions in the Strait of Hormuz.
The report noted that five LNG shipments were contracted during July; however, most of those cargoes were suspended during the first half of the month prior to the escalation of attacks in the Red Sea, which ultimately led to the halt of export operations from the port up to the present time.
Repercussions on Energy Exports
These developments underscore the ongoing pressures facing the Saudi energy sector due to security challenges in the Red Sea, at a time when global markets are closely monitoring the fallout of any new disruptions on oil and gas export flows and international energy supplies
