Drewry Maritime Research reports that orders for liquefied natural gas (LNG) carriers have fallen sharply in 2025, reflecting a more cautious investment environment shaped by higher construction costs and regulatory uncertainty.
In the first nine months of 2025, only 38 vessels were ordered, compared with 86 during the same period last year — a decline of more than half. The slowdown was most evident in the LNG carrier segment, which saw 17 new orders this year, down from 73 in 2024. However, activity in smaller-scale LNG bunkering vessels and floating LNG units has remained relatively stable, indicating selective confidence among certain operators.
Drewry attributes the overall decline to a combination of delayed final investment decisions in key LNG export projects, sustained high shipyard prices, and broader uncertainty surrounding environmental regulations and future trade patterns. These factors have collectively led shipowners to postpone newbuild commitments, focusing instead on optimizing existing fleets.
Despite the downturn, the outlook remains cautiously optimistic. Drewry forecasts that total LNG newbuilding orders for 2025 will likely close at around 50 vessels, compared with 96 in 2024. The firm anticipates a rebound beginning in 2026, supported by advancing LNG export projects, easing construction costs, and renewed interest in fleet modernization.
This cyclical pattern reflects the sector’s broader trend of strategic adjustment, where short-term slowdowns often precede renewed investment phases once market fundamentals regain stability. The next wave of LNG carrier demand is expected to emerge alongside expanding liquefaction capacity and evolving global energy trade flows.
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Source: Drewry Maritime Research
