LNG shipping enters a new phase of growth
Artist’s impression of the Sabine Pass liquefaction facility currently under construction. (Cheniere)
The surge in new LNG ship orders that started in 2011 continued in 2013, taking the number of vessels on order at the beginning of 2014 to 119, with 382 ships in operation.
The close to sixfold increase compares with only 22 ships on order at the beginning of 2011. The rise has been the result of ship owners responding to record spot and short-term charter rates by ordering vessels on a speculative basis. This has added to those required by buyers and sellers to transport LNG from projects in operation or under construction and by companies – including BG Group, Shell and Gazprom – that have ordered ships to support their LNG trading.