A leading Japanese shipping firm has cast doubt on the swift resumption of liquefied natural gas shipments through the Strait of Hormuz, signaling that prolonged disruption could keep prices elevated and curb demand across Asia.

Speaking on the sidelines of the Gastech conference in Bangkok on Wednesday, Mitsui O.S.K. Lines Chairman Takeshi Hashimoto expressed a bleak near-term outlook. "As long as the current situation persists, it will be nearly impossible to move LNG cargoes through the Strait of Hormuz," he said, adding that the likelihood of a peace deal among the involved parties remains "extremely slim."

The company has already halted its LNG carriers from transiting the strategic waterway, which handled roughly one-fifth of global LNG supply before the conflict erupted. The disruption has already driven Asian spot LNG prices to their highest level since 2022, with further upside expected as winter approaches and heating demand climbs.

Hashimoto noted that the price surge has prompted many Asian buyers to scale back their purchasing volumes. "Some believe alternative supplies could come from the United States, Canada, Australia, or parts of Africa, but clearly those incremental volumes are not enough to cover the shortfall," he cautioned.