According to ship tracking data compiled by Bloomberg, the Iris and Voskhod vessels carrying shipments from the Arctic LNG 2 facility in Siberia set sail for North Asia via the Northern Sea Route on August 15, after being idle for weeks. Two other tankers that were recently loaded at the facility also set sail for Asia last week.
Led by Novatek PJSC, Arctic LNG 2 plays a key role in Russia’s plans to triple its LNG exports by 2030 and enter new gas markets following a sharp decline in pipeline sales to traditional major buyers in Europe. The US is avoiding tighter measures against Russian energy exporters, including China, in an effort to secure a ceasefire agreement in Ukraine. Donald Trump said Friday that his face-to-face talks with Vladimir Putin were “extremely productive.”
Arctic LNG 2 produced 8 cargoes last summer but had to be shut down in October as it could not find buyers and seasonal icing began around the facility. The facility, which was initially sanctioned by the Biden administration, resumed loading in June, but no cargo has yet docked at an import terminal.
It is unclear whether the four vessels currently sailing towards Asia will ultimately find buyers. About a dozen vessels capable of serving Arctic LNG 2, including ice-class vessels, have been mobilized. Some of these vessels have changed management companies several times to conceal their true owners.
