Exponential growth: LNG carrier fleet set to double over 10 years to 2027

The upper tier of LNG carrier construction remains tightly held. Samsung Heavy Industries accounts for 243 vessels either in service or on order, followed by Hyundai Heavy Industries Ulsan (179), Daewoo (177), Hudong Zhonghua (101), and Hyundai Samho (92). These five shipbuilders alone are responsible for more than two-thirds of all LNG carriers on order. 

Looking just at the membrane-type LNG carriers, GTT’s Mark III Flex containment system appears on 377 vessels, while earlier Mark III and NO 96 variants remain in wide use. The latest evolution, NO 96 Super+ and NO 96 L03+, are now making their way into the orderbook, with a combined 66 vessels fitted with these systems. 

A further evolution is evident in main engine selection. From a fragmented landscape a decade ago, the industry has largely consolidated around WinGD two-stroke dual-fuel designs. According to the CRS data, 376 vessels are equipped with WinGD engines. The next most common providers, Everllence (MAN ES - B&W) and Wartsila four-stroke, account for 276 and 211 vessels respectively. Kawasaki and Mitsubishi engines also remain in circulation but represent a declining share. 

But the actual 1000th LNG carrier might not be one of the deep-sea giants working the long-haul trades against long-term charters. The 1000th LNG carrier might be part of the dedicated LNG bunker vessel fleet, a genre that was not around when the 500th vessel was delivered. 

The dedicated LNG bunkering segment has expanded rapidly over the past five years, transforming from a niche market into an embedded part of the LNG infrastructure chain. Several of the vessels now classed as LNG carriers are purpose-built for ship-to-ship bunkering operations, serving dual-fuel cruise ships, container vessels, and other large gas consumers. This specialised sub-fleet continues to grow in parallel with global LNG-fuel adoption, particularly in northern Europe, the Mediterranean and selected Asian hubs. 

What began as a slow and experimental mode of transport is now a major segment of the global shipping industry. In its 2017 analysis, Riviera noted the rapid gains made between 2013 and 2017 as short-term charter rates supported speculative ordering and the build-up to Qatar’s second wave began. In 2025, the LNG carrier orderbook is being driven by long-term project-linked charters, backed by upstream investments and sovereign energy strategy. 

This shift has translated into a relatively narrow technical base, in terms of both builders and propulsion systems. At the same time, the fleet is growing faster than ever. While it took over 40 years to reach 500 vessels, the next 500 LNG carriers will be added to the fleet in just under a decade. 

While the 1,000th LNG carrier is expected to enter service by June 2027, this outcome depends on the ability of shipyards to maintain schedule discipline across a tightly packed pipeline. With more than 200 LNG carriers set to deliver in 2026 and 2027 alone, the capacity of South Korean and Chinese yards will be tested, particularly as they manage overlapping commitments in the container, LPG and ammonia sectors. 

Unlike in previous growth cycles, yard availability is already constrained through 2028, raising the potential for deferrals in delivery dates. In this context, even minor slippages in construction or trials could affect the timing of the 1,000th vessel’s entry into service. Some owners are believed to be negotiating flexible delivery windows or staggering charters accordingly. 

While no such scheduling risk is flagged in the CRS dataset, the clustering of orders among five builders highlights a potential bottleneck. By contrast, the earlier fleet build-up from 2013 to 2017 was more evenly distributed and occurred alongside less congested yard schedules. The compressed nature of today’s newbuilding queue means the fleet’s forward trajectory is more vulnerable to delay, even as it approaches a round-number milestone. After that, all eyes will be on a 1500th LNG delivery, which could well be constructed in the US, if current plans come to fruition.