Global LNG fleet to eclipse 1,000 vessels by 2026

Many of these new vessels will be delivered into term charters which will keep the spot market tight, pointed out the shipbroker. “The number of uncommitted newbuilding vessels until the end of 2026 stands at less than 30,” said Howe Robinson Partners, noting, “A number of tenders for vessel delivery in 2026 could remove at least six further gas injection vessels.”

Howe Robinson Partners projects 10 LNG vessels will be delivered in Q1 2023, three of which will be LNG bunkering vessels, as shown in the accompanying table.

Overall, the current global LNG fleet is relatively young, with 69% 10 years of age or less. 80% of the fleet is fitted with membrane containment systems.

Four project FIDS

Besides global fleet development, Howe Robinson Partners forecast at least four LNG projects would face FIDs in Q1 2023, three in the United States and one in Mexico. The three projects in the US are: Energy Transfer’s Lake Charles LNG (three trains, capacity of 17.5 mta), Sempra’s Port Arthur, Phase 1 (two trains, capacity of 13.5 mta) and NextDecade’s Rio Grande, Phase 1 (three trains, capacity of 16.2 mta). Mexico Pacific’s Saguaro LNG (two trains, capacity of 9.4 mta) is the lone project in Mexico.

Several other projects could see FID later in 2023.

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