A cargo of liquefied natural gas from Nigeria LNG has been diverted from Europe to Asia as buyers in the region scramble to replace supply disrupted by the ongoing conflict in the Middle East.
The shipment marks the second diversion of Nigerian LNG cargoes within the week, highlighting how global price signals are influencing the destination of flexible gas supplies.
The crisis began after military strikes involving the United States and Israel against Iran on February 28 escalated tensions in the region. The conflict has disrupted shipping through the Strait of Hormuz, a key global energy route.
The disruption has affected exports from Qatar, one of the world’s largest LNG exporters, prompting buyers in Asia to compete for alternative cargoes.
Ship-tracking data from analytics firm Kpler showed that the LNG vessel Pan Americas, which loaded at the Bonny LNG Terminal in Nigeria, was initially bound for Croatia before altering course toward Asia via the Cape of Good Hope.
Another LNG tanker, BW Brussels, which loaded a shipment at Bonny Island on February 27, also changed its route earlier in the week, abandoning a westward journey to Europe and heading toward Asia instead.
The sudden disruption of Qatari exports has triggered sharp increases in global natural gas prices. European gas prices surged by as much as 30 per cent, while spot LNG prices in Asia have climbed even higher.
The benchmark Japan-Korea Marker for LNG cargoes rose by more than 68 per cent to about $25.39 per million British thermal units for April delivery, according to data from S&P Global Platts.
By comparison, spot LNG prices for northwest Europe rose by about 57 per cent to roughly $15.48 per mmBtu, making Asian markets the more attractive destination for flexible LNG cargoes.
Analysts say the supply disruption has intensified competition between buyers in Europe and Asia for available shipments, particularly as Asian countries account for more than 80 per cent of Qatar’s LNG exports.
For Nigeria, the development highlights the importance of global market dynamics in determining where LNG cargoes are delivered.
Nigeria’s gas export revenue reached about $2.7 billion in the first quarter of 2025, representing a 27 per cent increase from the previous quarter and an 86 per cent rise year-on-year.
The Federal Government is targeting $10 billion in annual gas exports, with increased demand from the United States and the ongoing expansion of the Bonny facility through the Train 7 project—currently about 80 per cent complete—expected to boost production and revenue.
