Global LNG Fleet Passes 400 Vessel Mark

Global Liquid Natural Gas (LNG) carrier fleet surpassed the 400 vessel mark for the first time mid-April, according to Irish Maritime Development Office (IMDO).

In its market review (week 19, 2014) IMDO said that the LNG carrier fleet has experienced a remarkable growth path since the first commercial cargo of LNG was delivered from Algeria to the UK almost 50 years ago, in October 1964.

Thirty-four years passed before the LNG fleet reached 100 vessels and passed the 200 vessel mark as recently as 2006, but as demand for natural gas soared, fleet growth accelerated exponentially, reaching 300 vessels by December 2008.

Due to the global financial crisis, the orderbook shrank dramatically and it taking until now to reach the 400 vessel landmark. Fleet growth is hastening however, with 120 LNG carriers currently on order and the 500th vessel due for delivery late – 2016.

The reviving LNG fleet growth is being driven by strong Asian demand and the seven LNG liquefaction plants under construction in Australia are targeting the rising requirements of the region.

China received 260 cargoes in 2013, from 206 in 2012, while there were 82 deliveries to the South East Asia quartet of Indonesia, Malaysia, Singapore and Thailand.

 

imdo, May 15, 2014

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >