LNG tanker fleet needs to expand dramatically

The global fleet of LNG tankers needs to expand by 66% by 2010 to meet current and future demand from exporters including Qatar, Australia and Nigeria, according to LNG Shipping Solutions. About 205 carriers need to be ordered, adding to the 182 ships in service and 127 vessels already contracted to be built, to meet demand for existing and future LNG projects.

As many as 105 vessels need to be ordered to meet demand for future projects and 100 vessels for current contracts. Projects including Qatar?s RasGas III, Australia?s Gorgon LNG and Nigeria?s OKLNG I & II are set to start operations in five years. Shipyards in South Korea account for 71% of the vessels on order, followed by Japan with 23%.