Senior officials from International Registries Inc (IRI), which administers the Marshall Island’s Registry, have been meeting with Japanese shipowners in Tokyo this week and said that LNG was the “hot topic”.
Speaking to Seatrade Global from Tokyo, Bill Gallagher, president of IRI, said: “We’ve met with a number of owners this week all they are all in the planning stages for new orders. From what we have been hearing here you are going to see a rapid expansion of the Japanese LNG fleet.
“From what we can see the ‘big three’ (K-Line, NYK and MOL) are really focused on LNG expansion. That is the hot topic among the big three.”
As to the exact numbers of LNG carriers that will be ordered Gallagher explained it was still under discussion. “They’re still determining the numbers and their interacting with the cargo owners. But everybody is of the same opinion that they are going to need a lot [of LNG carriers].”
Japan has for many years been a major importer of LNG, but the backlash in public opinion against nuclear energy following the Fukushima disaster in 2011 has spurred the development of the use of LNG for power plants, as a clean energy alternative.
The Marshalls Islands, which flags roughly a quarter of the world’s LNG fleet with just over 100 gas carriers, already has a foothold in the Japanese market with several Q-Flex vessels operated by MOL, K-Line and NYK for Nakilat in Qatar.
LNG vessels account for 9% of the Marshall Islands fleet of just under 100bn gt of ships and Gallagher expects this percentage to rise. “I personally believe and can see from the lay of land here in Japan, and elsewhere too, I think you will see it become a larger percentage of fleet,” he said.
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