2022 Witnessed More Than 160 LNG Carrier Orders With Japanese Owners Leading The Trail

This year experienced a significant ordering spree for LNG carriers amid spiking demands for LNG boosted mainly by ongoing geopolitical turbulence in Europe as the EU battles breaking away from the dependence on Russia’s gas reportedly instigated by the Russian war in Ukraine.

About 162 new orders have been placed until now this year, compared to the other 99 orders established in 2021, a rise of c.63% on a year-on-year basis, data as of November end shows.

This year, the cumulative value of LNG new building orders is $33,742.89 mil, an increase of c.87% from $18,076.25 mil.

Of these orders, just more than a quarter was reportedly placed by Japanese enterprises, including MOL, NYJ, and Meiji Shipping, with 44 contracts inked. Japan owns the most significant value fleet for LNG vessels at $30.3 billion among top-notch ship-owning countries. South Korea secured the second position with 28 orders placed, followed by Greece, securing 21 orders.

LNG Carrier
Image for representation purposes only.

MOL is currently the world’s largest owner of LNG carriers, with a fleet of about 38 vessels and a value of $ 6.2 billion.

In 2022, MOL reportedly placed 19 new building orders for LNG ships; this is the second-largest number of charges by any individual firm; NYK reportedly ranked first with its 20 new building orders, data reflects.

South Korean shipbuilders are overwhelmed by the evolving demands for LNG carriers in 2023, with renowned shipbuilders exceeding their annual targets seemingly driven by LNG carrier orders. North Field (Qatar) and its expansion account for the lion’s share of such charges.

However, shipbuilders from China are behind their Korean rivals as they ramp up their construction capacity and know-how in the gas domain to reap the fruits of a stellar demand.

Data from Clarksons reflects that this year Chinese shipyards won about 45 LNG tanker orders worth almost $9.8 billion, nearly five times the order values reported in 2021. Moreover, by late November 2022, Chinese shipbuilders’ LNG order books increased to 66 from 21, permitting them to about 21% of global orders worth $60 billion.

References: Shipnerd News

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