On a global scale, there are currently around 630 vessels on the water and around 300 on order, said Sveinung Stohle, deputy CEO of Angelicoussis, which owns 45 LNG ships, almost all leased out on long-term contracts.
By 2025, he predicted there would be “more than 900, close to 1,000” vessels, speaking on the sidelines of the LNG Summit in Athens.
Global LNG supply was expected to expand by a quarter, or 130bcm, between 2022-2026, with the US accounting for half of new supply, according to the International Energy Agency (IEA).
The IEA forecast earlier this month that the share of LNG in Europe’s total gas supply would average more than a third to 2026.
However, there could be a “black swan” unpredictable event as many older vessels using steam turbines are expected to be phased out throughout this decade and beyond.
“The market will remain tight. The phase-out of steam turbines is very unclear and will put added pressure on LNG shipping,” he said.
LNG freight has hovered around USD 160,000 per day in November and is expected to fall more than 50% by the end of winter, according to the latest Spark Commodities data.