Mitsui OSK Lines Ltd. (MOL) Chairman Takeshi Hashimoto warned at the Gastech conference in Bangkok that LNG shipments through the Strait of Hormuz are unlikely to resume soon, signaling a prolonged disruption. "As long as this situation continues, it's almost impossible to carry the LNG cargoes," Hashimoto said Wednesday, adding a peace deal looks "very, very difficult." MOL has halted LNG tanker transits through the strategic waterway, which previously carried about a fifth of global supply. The outage has pushed Asian spot LNG prices to their highest level since 2022, with potential for further gains as winter heating demand rises. Hashimoto noted the price surge is already prompting Asian buyers to scale back purchases.

While alternative supplies from the US, Canada, Australia or parts of Africa exist, he cautioned they would not be enough to cover demand.