With 15 new LNG carrier orders already booked around the world, LNG newbuilding market is expected to revive fully this year as additional orders are forecast to follow one after another down the road.
South Korea's Samsung Heavy Industries is the frontrunner by already booking eight firm LNG carrier orders, and two optional ships are highly likely to go into firm orders as well.
With oil prices kept high and in the wake of the massive earthquake in Japan, demand for natural gas is literally 'exploding' and LNG carrier newbuilding orders are also showing a significant uptrend with speculative orders surging.
LNG carrier newbuilidng orders averaged at 20 annually since 2000 and peaked at 70 with Qatari order splurge.
Since mid-2000s, ordering activity plunged and there was no new order in 2009.
But recently, LNG tycoons Gazprom and QGTC are mulling dozens of LNG carrier orders and 30-40 ship orders are expected to materialize annually by 2018, totalling about 300-ship orders.
Shipbuilders are also bracing for LNG order spree and an official from Samsung said, "Those LNG carrier orders already booked this year are signaling that massive new orders would continue going forward."
Daewoo Shipbuilding & Marine Engineering also signed a letter of intent with Norway's Awilco to build two plus two LNG carriers.
Greece's Angelicoussis also changed three VLCC orders at Daewoo into three LNG carrier orders.
Meanwhile, Hyundai Heavy Industries is reporting no new LNG carrier order since May 2006. However, as the company has an advantage of building both Moss-type and Membrane-type LNG carriers, it is expected to clinch fresh LNG carrier orders sooner or later.