Skip to content
You can now search across every topic, entity and event.What's new
Iran Conflict 2026
12JUN

Four LNG terminals at lowest utilisation since 2023

2 min read
09:18UTC

IEEFA identified four EU LNG terminals recording their lowest utilisation since 2023 in Q1 2026: Panigaglia (Italy), EemsEnergy (Netherlands), Fos Cavaou (France) and Sines (Portugal).

ConflictDeveloping
Key takeaway

LNG cargo concentration at fewer hubs leaves four terminals underutilised and deepens the locational supply imbalance across the EU.

IEEFA data for Q1 2026 found four LNG terminals at their lowest utilisation since 2023: Panigaglia near La Spezia, EemsEnergy at Eemshaven in the Netherlands, Fos Cavaou in southern France, and the Sines terminal on Portugal's Atlantic coast. The finding sits alongside the Russian LNG quarterly record reported in the same dataset, which means overall import volumes rose while terminal throughput concentrated at fewer facilities.

The concentration pattern has a geographic logic. Post-Hormuz, LNG cargoes are overwhelmingly Atlantic-sourced (US at 63% of EU imports in Q1). Atlantic cargoes route preferentially to large-capacity terminals on the Atlantic and North Sea coasts: Zeebrugge, Gate Rotterdam, Montoir. Smaller or Mediterranean-facing terminals that historically received Qatari or spot Middle Eastern cargoes are losing throughput because those cargoes no longer exist in sufficient volume. The terminals recording low utilisation are precisely the ones most exposed to the loss of eastern and southern supply routes .

For infrastructure operators, low utilisation feeds directly into the revenue assumptions underpinning terminal investment cases. For gas consumers served by those terminals, lower throughput means less local supply, which reinforces the hub premium that ACER identified in Central European markets. The EU built LNG import capacity to diversify away from pipeline dependency; in practice, the new dependency concentrates at a handful of hubs.

Deep Analysis

In plain English

Europe has built many specialised ports and facilities to receive tankers carrying supercooled liquid natural gas, which is then warmed up and pumped into pipelines. Four of these facilities in Italy, the Netherlands, France, and Portugal are currently running at their lowest levels since 2023, even as Russia has been shipping more gas to Europe than ever. This suggests that the gas arrivals are going to a small number of favoured ports rather than being spread across all available infrastructure, which creates a vulnerability if those preferred ports become unavailable.

What could happen next?
  • Consequence

    The four underutilised terminals represent latent regasification capacity that becomes immediately available for replacement LNG procurement after the 1 January 2027 Russian cargo ban, but commercial reactivation costs (maintenance, reactivation fees) have not been publicly modelled.

First Reported In

Update #13 · Storage on track by 45 GWh; one outage away

Euronews· 29 May 2026
Read original
Causes and effects
This Event
Four LNG terminals at lowest utilisation since 2023
Low utilisation alongside a Russian LNG quarterly record implies cargoes are concentrating at fewer hubs rather than distributing across the terminal estate, deepening the locational basis problem for Central European consumers.
Different Perspectives
Hormuz shipping and insurance market
Kpler, Lloyd's List and S&P Global each independently put Strait of Hormuz transits at a seventh to a sixth of pre-war levels, against CENTCOM's own position that the strait remains open for transit. War-risk premiums rose from 0.25% to 3-10% of hull value in mid-July and have held steady since.
Pakistan (with China)
Pakistan (with China)
Iran's interior minister met Pakistan's army chief in Islamabad on 25 July, his second visit in ten days, with China separately pushing the same track; Islamabad's stated precondition, a halt to Gulf attacks, broke within hours when the Houthis struck Yanbu and Jazan. The channel inherits Baghdad's opening without yet fixing what broke it.
Saudi Arabia
Saudi Arabia
Saudi Arabia absorbed Houthi strikes on Aramco-linked sites at Jazan and Yanbu on 25 July without confirming them, while holding a 30-year civil nuclear agreement Trump made conditional on joining the Abraham Accords two days after signing it. Riyadh is fighting on one front while being asked to concede on another.
Iran (state security leadership)
Iran (state security leadership)
Iran's security chief said strikes continue until the enemy's "total surrender", and no IRNA, Tasnim or Fars report carries any stand-down language to match Washington's pause. Tehran reads the halt as "strategic decision-making fatigue", not a restraint it needs to reciprocate.
Washington (Pentagon and White House)
Washington (Pentagon and White House)
A Defense Department source called the bombing halt "on a hold", Pentagon spokesman Sean Parnell insisted the US "retains a deep arsenal of capabilities", and the White House credited "successful sanctions" and thirteen days of strikes for the same pause. Three explanations from one government suggest none of them is the whole one.
Oil traders
Oil traders
Sent Brent down 2.29 per cent to $98.38 a barrel on reports that mediation was reviving, moving the price on CENTCOM's quiet night rather than on Trump's same-day promise of a bigger operation with no deadline attached.