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« BackNews: Global LNG Fleet Continues To Grow

Global LNG Fleet Continues To Grow

The global LNG carrier fleet is expected to post record growth in 2018, with rising US exports of the fuel and growing demand from Asia helping to boost the sector.

Chron shared the findings of a report by S&P Global Platts, which pointed out that across shippers, traders and energy companies, more than 70 new LNG carriers are expected to enter use by the end of this year.

Order numbers from fleet carriers were up in the first seven months of this year. In total, 28 large carriers have been ordered in 2018, compared to the 26 that were ordered in 2016 and 2017 combined.

As well as an increasing number of carriers, the US is in the process of creating around 12 new export terminals to help serve the growing demand for this kind of fuel. 

The report also suggested that the LNG marketplace is becoming more transparent due to the increase in supply and demand of the fuel.

But it isn’t only LNG carriers that are growing in number. Hellenic Shipping News recently revealed that Balearia has received a subsidy from the EU to help it introduce LNG-powered engines on five of its ferries.

The EU is providing around €11 million, which equates to 20 per cent of the money required to carry out the retrofits of the vessels. This work will begin by the end of this year, with all five ferries running on LNG by 2021.

If you’re working on an LNG storage terminal to help meet this growing demand, make sure you contact us to source the highest quality float gauges and other components for your scheme.