Russian LNG carrier ‘spoofing’ likely, says Rystad Energy

An LNG carrier hired to export sanctioned Russian LNG from Russia’s Arctic LNG 2 liquefaction facility in the country’s Gydan Peninsular, also known as the Utrenny LNG terminal, appears to have had its tracking records ‘spoofed’, according to Oslo-based analyst, Rystad Energy.

In its latest LNG market update, the firm reports that satellite images show the 138,122 cu metre LNG carrier, Pioneer, berthed at the terminal last weekend. But Rystad’s tracking data indicates that the vessel was actually in the Norwegian Sea at the time of loading, carrying a cargo likely destined for receivers in India.  

The Palau-flagged, 2005-built Pioneer is listed on Equasis as being owned by an unknown company Zara Shipholding since April this year, with a contact address via Mumbai-based Ocean Speedster Solutions OPC, which has managed the vessel since June 2024.

Despite the global impact of Russian’s invasion of Ukraine, some countries continue to take plenty of oil and gas from the country which currently trades at a discount to global market prices, for obvious reasons. Sources have recently indicated that Indian energy companies, in particular, have raised their imports of Russian oil substantially.  

Meanwhile supply fears are driving up LNG prices in Europe, the firm reported. Concerns are mounting over a possible strike on Israel by Hezbollah and Iran. The Title Transfer Facility (TTF), a benchmark for LNG prices in Europe, surged way ahead of the Brent norm, against which it usually trades at a discount.

Related:Indian oil importers’ thirst for Russian crude drives dark fleet demand

The delta is unlikely to change soon. Rystad expects above-normal temperatures to persist in Europe until later this month. The continued heat, the firm suggested, would likely drive demand for spot LNG, with ‘Delivery Ex Ship’ prices in Italy rising by close to 10% over the last week.

Annual maintenance at regasification terminals in France and Germany are also having an impact on market fundamentals, Rystad said.