IMDO: LNG Carrier Demand Growing by Leaps and Bounds

The demand for LNG ships has shot up this year with orders coming to $4.6bn, the Irish Maritime Development Office (IMDO) said in its Shipping Market Review citing Lloyd’s List.

 
Twenty-three contracts for the building of new LNG carriers have been signed so far this year, at a rate of almost one a week.

The interest of investors has been attracted by expectations that new cargoes will be introduced into the market once these new ships are in operation.

The arrival of these ships will increase competition among shipping companies for cargoes.

As a result the likelihood is that freight rates will continue to fall. Current spot rates are between $46,000 and $50,000 per day while one-year time charter rates are fixed at $48,000 per day, the Review said.

These rates have decreased significantly since the beginning of the year and with the imminent arrival of new orders it is expected that they will come under further pressure.

The live fleet is 398 ships and the global order book now stands at 128 ships according to Clarksons’ data. This will see a 32% increase to the existing fleet.

IMDO, July 16th, 2014

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 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 1 2 3 4 5 6

The Smart Ship Exchange

The Exchange will look at the issues involved with increasing autonomy in shipping with an introduction to the concept…

read more >

3rd MarSat Workshop

The MARSAT project wants to operationalise and standardise EO products and aims to develop…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >