Market

According to the US National Petroleum Council - the US - the world’s largest consumer of natural gas, will not be able to meet the growing demand for gas from domestic production, or via pipelines from Canada. Forecasted US imports of up to 5 TCF of LNG by 2025 will require the construction of 15 new LNG terminals, and result in over 2000 shipcalls per year.

Europe is also seeking to increase and diversify its supply of natural gas. New import terminals are under construction in Spain, whereas several others are planned in the Mediterranean region and in the UK. In Asia, although Japan and Korea are the major buyers, India and China are set to become important LNG importers in the future and will require several more terminals.

Demand outlook for LNG trade to 2010

Source: R.S. Platou Economic Research a.s

Commensurate with the expansion of the LNG trade, the size of the fleet has shown a rapid increase since late 1990's, and will continue to grow in the years ahead.

LNG fleet development

Source: Clarkson Research Services "LNG Trade and Transport 2005