Additional LNG demand in Asia, supply disruptions in the Pacific basin, and backlogs at the Panama canal, all created the need for longer-haul LNG trade, far in excess of spot capacity, and sent charter rates to a record high of US$300,000/day in January. However, the usual post-winter decline in spot charter rates was exacerbated by the 14 new LNG vessels being delivered into the market. While LNG spot prices have stayed strong, charter rates have dropped as low as US$25,000/day – an all-time low. After a flurry of new orders in late November and December 2020, only 3 orders were placed during Q1 2021. We expect orders for large capacity vessels to pick-up during the rest of the year - we have seen an uptick in April - with QP looking to sure-up its shipping requirement at its North Field East LNG project Golden Pass LNG on the US Gulf coast.