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Oversupply of LNG carriers Leads to Lowest Rates in 5 Years
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Source:Splash

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 VesselsValue.com. A total of 23 vessels are expected to be delivered this year, with 42 following in 2016.

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