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Oversupply of LNG carriers Leads to Lowest Rates in 5 Years

Last year, a slew of LNG carrier deliveries has caused spot rates for LNG carriers fall to the lowest levels in five years, reports say.

A total of 34 new LNG carriers were delivered in 2014, showed data from the International Group of Liquefied Natural Gas Importers (GIIGNL).

Fleet capacity grew year-on-year by about 10% (5.48m cbm) in 2014, and continues to outstrip LNG trade growth.

Spot rates have been dipping since mid-2013 and in the Asia-Pacific basin are now around US$38,000 per day, and US$37,000 per day in the Atlantic, according to Platts data.

These are the lowest rates seen since 2009, when 42 new vessels were delivered. Asia-Pacific spot rates fell to US$25,000 per day in June 2010, and US$31,000 per day in the Atlantic Basin in July that year, Platts said.

The current LNG orderbook stands at 144 vessels of between 100,000cbm and 199,999cbm, according to data from A total of 23 vessels are expected to be delivered this year, with 42 following in 2016.

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