Singapore GasCo secures extra LNG cargoes, eyes term deals despite war volatility

• Singapore received three spot cargoes since the war began on February 28: two from Australia (APLNG and Gorgon projects) and one from Mozambique's Coral South floating LNG facility.
• Asian spot LNG prices have surged 54% since end-February to $16.05 per mmBtu, reaching three-year highs due to the Strait of Hormuz blockage and damage to Qatar's liquefaction facilities.
• GasCo postponed its planned Q1 2026 tender for long-term LNG supply starting in 2028, citing market disruption and volatility, but still intends to seek term deals later in 2026.

Summary

Key Developments:

Singapore's state gas buyer GasCo has secured additional LNG cargoes to offset supply disruptions caused by the U.S.-Israel war and plans to pursue long-term supply contracts in 2026, despite significant market volatility.

Critical Facts & Figures:

• Singapore depends on gas for 95% of its electricity generation
• The city-state imported 5.93 million tons of LNG in 2025, with nearly half sourced from Qatar
• Asian spot LNG prices have surged 54% since late February, currently trading at $16.05/mmBtu—three-year highs
• Iran's blockage of the Strait of Hormuz has disrupted 20% of global LNG flows

Supply Response:

Since the war began February 28, Singapore received three spot cargoes according to Kpler data:

• Two from Australia (APLNG project on March 27; Gorgon LNG on April 9)
• One from Mozambique's Coral South floating LNG project (April 19)
• Singapore previously imported 2.76 million tonnes from Qatar in the prior year

Market Outlook:

GasCo CEO Alan Heng confirmed plans to seek long-term supply contracts in 2026, delayed from the originally planned Q1 2026 tender. The company continues engaging with "credible, trusted suppliers" while actively managing curtailments. Analysts have slashed global supply forecasts and expect high prices to trigger demand destruction across Asia.

Strategic Focus:

GasCo is working closely with regulators, suppliers, and power generators to ensure energy security amid what Heng describes as continued uncertainty and market volatility in the LNG sector.