Q1 LNG carrier orders surpass full-year 2025 levels

According to Fearnley LNG’s Q1 report, 33 LNG carriers were contracted between January and March 2026, compared with 32 vessels ordered from January to December 2025.

The shipbroking firm told Riviera that most of this year’s orders are linked to long-term charters for established portfolio players. “It is therefore reasonable to assume that the vessels will cover both fleet replacement demand and volumes from new projects and upcoming SPAs,” Fearnley LNG explained.

Meanwhile, around seven LNG carriers were ordered on a speculative basis.

Major owners and operators have been active in driving the recent ordering wave. Riviera has already reported Maran Gas, Tsakos Energy Navigation, Alpha Gas, TMS Cardiff Gas, Eastern Pacific, JP Morgan, Sonangol, Celsius Shipping, MISC, Shandong Ocean and Purus among those placing orders this year.

Fearnley LNG data shows there are around 296 LNG carriers currently under construction globally. With 744 vessels in the active fleet, the orderbook-to-fleet ratio stands at approximately 40%.

Deliveries slowed in Q1, with only 18 LNG carriers handed over, down from a peak of 23 in the previous quarter.

“This leaves 74 vessels scheduled for delivery over the remaining quarters of the year, equivalent to almost 25 vessels per quarter,” Fearnley LNG noted.

On the demolition side, four LNG carriers were sold for scrap in Q1 – three from MISC and one from Seapeak. All four were built between 2004 and 2005, implying demolition ages of approximately 21-22 years.

This supports an emerging trend toward younger demolitions, as steam turbine vessels below 140,000 m³ face increasingly limited charter prospects, analysts said.

According to Fearnley LNG, the fleet still includes around 60 vessels in the 120,000-140,000 m³ segment. All but two of these units are already over 20 years old, underscoring the continued need for structural fleet renewal.

“While recent market volatility has temporarily lifted earnings for steam turbine tonnage, fundamental conditions remain oversupplied. As a result, the decision to proceed with costly drydockings for smaller steamers has not become a clear ‘no-brainer’, despite the recent spike in charter rates,” the firm concluded.