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.
LATEST PRESS RELEASES
Research has shown that 80% of all hydraulic failures can be directly attributed to oil contaminatio... Read more
Turku, Finland, 09.10.2018. Auramarine, the leading provider of engine room fuel supply and auxiliar... Read more
Geislinger GmbH, located in Salzburg, Austria, celebrates its 60th anniversary this year which coinc... Read more
Expanding its global presence, MyTaskit has signed its first international reseller. Auckland, New Z... Read more
Vickers Oils are pleased to welcome Ian Bower, Business Development Manager and Esther Murray, Marke... Read more