As LNG carrier market is expected to recover fast, LNG carrier newbuilding orders are rising significantly both for shipping for gas field development projects and speculative orders for spot market.
Conversions of already placed orders for tankers into contracts for LNG carriers are also happening in the industry.
Recently Sweden's Stena Bulk entered the LNG sector by acquiring three LNG carriers (including two newbuilding resales) from Taiwan's TMT and industry experts stress the move signals just the beginning of an earnest recovery of the market.
Stena boss Ryder said the move was based purely on speculative basis and the newbuilding duo will be deployed in the spot market, delaying long-term charter fixtures.
Meanwhile, impending LNG newbuilding orders are Gazprom's tender for 2+2 newbuildings, Maran Gas' 4+4 project and Stena's 2+2 orders.
By far South Korea's Daewoo Shipbuilding & Marine Engineering seems to be the front runner for the projects while STX Offshore & Shipbuilding and Hyundai Heavy Industries are also in pursuit of the projects.
On the contrary, Samsung Heavy Industries, which has already secured eight LNG carrier orders this year, is rather comfortable in competitions to win the new orders and is observing the market situations.
According to Fearnleys, LNG carrier rates are now skyrocketing and a new market trend is being established, indicating the market is welcoming a full recovery stage after four to five years' of slump period.