LNG market predicted to grow by 11% in 2018
A comprehensive review of trends in the LNG shipping markets says that the sector is predicted to grow by 11% in 2018.
The review from Clarksons Research says that LNG trade now represents 11% of global gas demand and 35% of global gas trade, up from 6% and 26% in 2000.
“Global trade in LNG has moved into a strong growth phase, with a 9% increase in 2017 expected to be followed by further growth of 11% in 2018,” said Steve Gordon, managing director of Clarksons Research.
Mr Gordon said that with 85mt of export capacity currently under construction and a further 169mt of export capacity with FEED underway, further trade growth is expected in 2019.
The review reveals that the LNG carrier fleet grew by 6% in 2017 in capacity terms to reach 531 vessels of 78.3m cbm, with expansion of 11% projected in full year 2018 and 8% in 2019.
Meanwhile, the LNG carrier orderbook totalled 110 vessels of 17.3m cbm and USD 22 billion by mid-2018, equivalent to 22% of fleet capacity.
South Korea had the market share at 70% of the orderbook by cbm, followed by Japan (21%) and China (9%).
In addition, the FSRU market is increasing, with 37% of import capacity under construction expected to utilise FSRU compared to 9% of existing regasification capacity.
FLNG projects are also expected to progress in the short-term, with the potential for further growth.
LNG Trade & Transport 2018 is now available from Clarksons Research.
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