Shipyards are expected to deliver up to 100 new LNG carriers this year, up from 79 last year, as new projects in the U.S. and demand for new and more efficient vessels to replace retiring carriers drive increased orders despite the uncertainties stemming from the Middle East war.
A record high number of 90-100 liquefied natural gas carriers (LNGC) are set to be delivered in 2026, according to estimates by analysts at Poten & Partners and Drewry, Reuters reports.
After a slow newbuild rate in 2025, orders are picking up this year, and South Korean and Chinese shipyards contracted 35 new LNG carrier builds in the first quarter alone, compared to 37 LNGCs contracted in all of last year, data by Drewry showed.
Currently, the global LNGC fleet comprises about 700 vessels that handle an annual trade of about 400 million tons of LNG. Yet owners, shippers, and traders are looking for more efficient, newer vessels to replace ageing ships, driving a rise in orders and shipbuilding contracts.
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However, the war in the Middle East and the delays in the Qatari export expansion schedule, due to the Iranian missile strikes that damaged Qatar’s LNG infrastructure, is sending signals that orders could slow in the coming years, especially for new tankers tied to the Qatari and UAE expansion projects.
Qatar is expected to add up to 80 new builds over the next four years, while the Abu Dhabi national oil company ADNOC was set to double the number of its LNG vessel fleet to 18 within 36 months, Fraser Carson, principal analyst, global LNG at Wood Mackenzie, told Reuters.
“Most of these new build vessels were earmarked to serve under-construction LNG projects that are now facing delays,” Carson said.
Still, the new U.S. LNG export projects that are scheduled to come on stream in the coming years would generate demand for new LNG carriers, according to Jotaro Tamura, the chief executive of Japan’s Mitsui O.S.K. Lines, the biggest owner of LNG vessels in the world.
By MIchael Kern for Oilprice.com
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