Role Signal Board - May 11, 2026
ORIGINATION
Pakistan cancelled May spot tenders after contracted Qatar cargoes arrived covering monthly needs. Read This: Bloom Pakistan
Worley and Baker Hughes signed MOU to deploy NMBL modular LNG technology across EPCM/EPCI project delivery. Read This: Press Release
India declined Russian sanctioned LNG; Kunpeng tanker diverted near Singapore after failing to discharge at Dahej. Read This: Reuters
Trump-Xi summit May 14-15 may include deal to restore ~12 mtpa of contracted US LNG currently resold to Europe. Read This: Reuters
PORTFOLIO
Mihzem U-turned at Hormuz mouth May 11 — second Qatari transit blocked 48 hours after Al Kharaitiyat succeeded. Read This: Wall Street Journal
China LNG imports recovering; 30-day average highest since February, Guangdong trucked LNG up ~70% since March above overseas spot. Read This: Bloomberg
Freeport LNG Train 3 restarted; feedgas back to ~1.9 bcfd from 1.4 on May 8 versus 2.4 bcfd full capacity. Read This: Reuters
Oil rose ~3% after Trump rejected Iran peace counterproposal as "TOTALLY UNACCEPTABLE." Read This: Reuters
PROCUREMENT
Guangdong Energy Group and Zhejiang Provincial Energy Group buying May-July LNG cargoes as domestic trucked prices exceed overseas spot. Read This: Bloomberg
India declined sanctioned Russian LNG despite ~60% of pre-war gas imports coming through Hormuz; talks continue on permitted cargoes only. Read This: Reuters
Pakistan Al Kharaitiyat delivered to Port Qasim; two more Qatari tankers expected in coming days under government-to-government deal. Read These: Bloomberg Reuters
SHIPPING
Mihzem (174,000 cbm, loaded Ras Laffan) U-turned at Hormuz mouth May 11 after entering waters Tehran claims to control. Read These: Wall Street Journal Bloomberg
Three Iraqi crude tankers transited Hormuz last week with AIS off; unclear if Iran-coordinated or informal tolls paid. Read This: Reuters
Merkuriy re-flagged Russian, docked at sanctioned Saam FSU near Murmansk loading Arctic LNG 2 cargo. Read This: Bloomberg
GREENFIELD DEVELOPMENT
Browse LNG cost escalated to A$48.7B ($35B) from A$27.3B ($20B) per Deloitte; CCS component added 2023; concept definition phase. Read These: Reuters OilPrice.com
NWS received 40-year life extension to 2070; Browse backfill gas via 900km pipeline and two FPSOs remains uncommitted. Read This: Press Release
CAPITAL & INVESTMENT
Trump-Xi summit May 14-15 could restore US-China LNG trade; ~12 mtpa contracted, currently resold to Europe under 25% tariff. Read This: Reuters
Shell Singapore entities marked up A$US22B on $US83B of LNG purchases 2017-2024; ACCC flagged below-spot related-party QCLNG sales. Read This: ABC Australia
RISK
Trump rejected Iran counterproposal as "TOTALLY UNACCEPTABLE"; Iran demanded Hormuz sovereignty recognition, compensation, and sanctions lifting. Read This: Reuters
Iran beginning to dictate which cargoes transit Hormuz; ~140 vessels/day pre-war versus trickle now; sovereignty bill in draft. Read This: Reuters
Browse LNG cost nearly doubled to $35B; environmental approval decision expected next month; Scott Reef opposition active. Read This: Reuters
NATO refused US calls to escort without full peace deal; Britain deploying warship contingent on broader agreement. Read This: Reuters
POLICY & REGULATION
Iran peace counterproposal demanded sovereignty over Hormuz, compensation, sanctions lifting, and asset release — rejected by Trump. Read This: Reuters
Iranian lawmakers drafting bill to formalize strait management with clauses forbidding passage to "hostile states." Read This: Reuters
US EIA confirmed record 2025 production: 39 Tcf gas (+4% YoY), 13.6 mbd crude (+3%); fourth consecutive record year. Read This: U.S. EIA