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LNG Carriers to Face Overcapacity

The new-ordered LNG carriers are to be delivered continuously after 2013 and LNG carriers are likely to face capacity oversupply by then if no elder ships to be scrapped, few big tanker owners expressing their concerns over the market.
Officials from Tsakos Energy Navigation said the LNG shipping freight rates might see declines in few years with more and more new orders for LNG carriers placed. Besides, speculative orders from Greek owners may speed up the progress.
DNB Bank proposes to scrap elder LNG carriers to prevent potential overcapacity. However, the average sailing life for LNG carriers is about 35 years and vessels elder enough for demolition are not so many. According to DNV, the global LNG carrier fleet is to reach 371 vessels of 52.7m CMB, whose average age is about 12 years old. And vessels younger than five years and between five to ten years old are to account for 43% and 30% of the fleet separately.
It is estimated that 20, 32, 16 and 2 new LNG carriers are to be delivered in 2013, 2014, 2015 and 2016 respectively.

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