The final quarter of 2023 saw the combined fleet and orderbook of large LNG ships (60,000+ cu m) pass the symbolic 1,000-vessel-milestone for the first time.
But more significantly as the new year started, the LNG fleet has transitioned from a period of modest growth to a period of rapid growth.
Since April 2021, an unprecedented 314 large LNG ships have been contracted taking the capacity on order to just over 50% of the capacity of the current fleet.
Until now this ordering spree has yet to be felt in delivery levels to the fleet with over the last two years an average of 7.5 new ships added to the fleet each quarter.
But this is about to change with an average of 20 ships to be delivered each quarter over the next three years.