Demand for LNG shipping is growing rapidly as a wave of new plants in Australia, Russia and the USA come on-line. An ample orderbook has seen the supply of LNG ships, for the most part, keep pace with increasing demand. Recent LNG liquefaction plant FID decisions will create another wave of vessel demand in the mid 2020s. Our view is that enough ships have already been ordered to serve the current wave of new LNG supply, but new ships will have to be ordered to meet demand from 2023 onwards. By 2025 we forecast 116 new ships will need to be ordered to meet demand, rising to 500 by 2035. LNG will remain one of the fastest growing sectors of the commercial shipping fleet but ship owners and investors, as ever, need to be careful with timing orders and not to allow the supply of LNG ships to grow even faster than the demand for them.