LNG was the fuel of choice amongst owners ordering ships for operation on alternative fuels in 2022.

China Merchants Industry and an undisclosed European owner have entered into a contract for the construction of four 180,000 cu m LNG carriers plus four options.

LNG shipping is booming and shipyard capacity is extremely tight, but as new tonnage hits the water mid-decade it could outstrip liquefaction capacity growth heading to a market slump warns Maritime Strategies International (MSI).

China Merchants Energy Shipping (CMES) is ordering two 175,000 cu m LNG carriers from Dalian Shipbuilding Industry (DSIC) at a total cost of $470m.

LNG shipping rates of $500,000 have hit the headlines but the reality is the spot market remains small and investors in the sector are attracted by its long-term fixed contracts.

LNG shipping is seeing exceptional strength, already fueled by geo-political vagaries, and with the impact of winter weather patterns yet to be determined.

Japanese shipowner NYK has ordered two LNG-fuelled coal carriers from Oshima Shipbuilding.

Spot rates for LNG carriers have set new records during October as tight tonnage supply meets rising demand and Europe’s winter approaches.

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has won a contract for the construction of two LNG carriers worth around $500m (KRW710bn).

In the largest-ever LNG carrier newbuilding project, a series of shipyards and shipowners have chosen WinGD’s latest X72DF-2.1 engines for 25 vessels to be built for QatarEnergy’s North Field East project.