Global LNG shipping – orders and deliveries

Spot-charter rates for LNG ships are slowly moving upwards after hitting multi-year lows in January and February. But even after accounting for expected softness in Q1 and early Q2, rates continue to be subdued, averaging just US$42,500/day in April. The requirement for Atlantic basin LNG supply to meet spot demand in the Pacific, a dynamic that is key in determining available shipping capacity for spot deliveries, is lower than normal. Five LNG carriers were delivered to their respective owners during March and April, and a whopping 46 newbuild LNG ship orders have been placed so far in 2022. In Q1, a historically quiet period for newbuild orders, shipyards received 36 orders for LNG carriers – the highest previous Q1 total was 12 orders, placed in 2019. Ordering activity continued at the same pace during April, with a further 10 orders placed. As a result, we now expect 56 LNG carriers to be delivered into the LNG fleet during 2025.