WM Voyage Tracker: Basin Supply Share
The global LNG supply system has rebalanced into a near-equal split between Atlantic and Pacific Basin producers. Wood Mackenzie's LNG Short-Term Voyage Tracker, covering active loadings through early June 2026, records Atlantic-origin movements at roughly 46-47% and Pacific-origin movements at approximately 48% of global LNG voyages. Middle East Gulf (MEG) loadings account for the remaining approximately 5%, consistent with the near-total blockade of Hormuz Strait, and all pivoting decistions around its disruption. The historical Atlantic share of 35-40% has therefore risen by approximately 10 percentage points since the onset of Hormuz disruption in early March.
Atlantic Basin
The Atlantic Basin's rise is led by the US Gulf Coast, where over 130 LNG vessels were in active circulation as of late April. Since then, Golden Pass shipped its first cargo (April 2026), and Plaquemines and Corpus Christi Stage 3 have continued ramping. Russian Yamal and Arctic LNG 2 volumes are also classified within the Atlantic Basin, though these face increasing logistical and sanctions-related constraints on ice-class vessel availability and destination access.
Pacific Basin
Pacific Basin production holds steady rather than expanding, sustaining Asian supply through Australian, Malaysian (MLNG), and Indonesian (Tangguh, Bontang) loadings. Australia remains the largest Pacific supplier, with approximately 50 vessels in circulation from Gorgon, Wheatstone, APLNG, QCLNG, and GLNG. North West Shelf and Pluto remain affected by ongoing labour disputes.
Russian Sakhalin LNG contributes to Pacific supply. Notably, as of 28 May 2026, the first LNG vessel was observed crossing the Northern Sea Route (NSR), signalling that Russia will likely maximise Arctic shipments via this corridor through the summer months to reach Asian buyers while avoiding western chokepoints and sanctions pressure. The rebalancing is occurring on one side of the market, not both: Atlantic supply is expanding to fill the MEG gap, while Pacific supply holds position.
Key Outcomes
Principal conditions defining the current LNG market as of early June 2026:
- Atlantic and Pacific basins now share global LNG supply approximately equally, at roughly 47-48% each by voyage count, with MEG removed to approximately 5%.
- Russia's opening of the Northern Sea Route for LNG introduces a seasonal variable: summer months may see increased Pacific-classified Russian volumes reaching Asia via the Arctic corridor, potentially shifting the basin balance marginally toward the Pacific through Q3.
The market transitions from supply shock to capacity management. The binding constraint is no longer access to demand, but physical throughput limits at export terminals operating near maximum utilisation.
