- China and India Drive LNG Demand Growth with Significant Import Increases.
- LNG Fleet Renewal Gains Momentum as Older Vessels Are Scrapped.
- 2025 Brings Modest Recovery; 2026 Set to Redefine LNG Market Outlook.
The LNG sector was subjected to high headwinds in 2023, with spot rates falling for all vessel types as the excess fleet supply overshadowed tame demand. There were some bright spots amid the turbulence, though, reports LinkedIn.
2023 Key Trends
- Record Fleet Expansion: A notable increase in fleet size as 67 new vessels were delivered.
The countries, which are driving the demand of LNG in the country, are China and India, and the growth rate of these imports are 5.5% and 13.4%, respectively. - Fleet Renewal: Scrapping the old steam-turbine carriers gave the first blow to fleet renewal.
Outlook for the LNG Market
Although modest, the recovery in 2025 is expected, but real change in market dynamics is only likely to happen in 2026. Tightening fundamentals and new liquefaction capacity should bring brighter outlooks in that year and mold a more optimistic future for the LNG sector.
Looking Ahead
For a more comprehensive view of the trajectory of the LNG market, read our full report, which explores the trends shaping the industry and what is in store for the coming years.
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Source: LinkedIn
