LNG Carriers: high earners but new vessels to enter the fleet

The LNG fleet is positioned for massive expansion in 2024, 2025 and 2026, likely resulting in a build-up of surplus vessel capacity. The current fleet numbers 740 vessels, and there are an additional 330 vessels on order. The one-year timecharter rate for a 174,000 cu.m LNG Carrier peaked at an all-time high of USD 260,000 per day in October 2022, only to drop by 61% to USD 102,500 per day in October 2023.   Younger vessels could be laid up, while older vessels could be scrapped to balance the market. The fleet of steam turbine vessels are first in line […]