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Growing liquefaction capacity, tightening of LNG ships available for transport due to longer sailing distances (Asian Markets), expansion of gas terminals, increasing trend towards cleaner energy consumption and recovering freight rates are some of the factors driving the demand for LNG carriers.

The unprecedented LNG supply growth in 2019 (especially in the US) and the massive LNG demand destruction due to geopolitics have led to a collapse of LNG long-term contract prices as well as spot prices across the world. This reduction in LNG demand has also impacted the LNG shipping spot charter rates. For instance, Tri-fuel diesel-electric vessel (TFDE) spot charter rates have reached USD 57,000 per day in the first quarter of 2020 from USD 108,000 in the fourth quarter of 2019 and Steam LNG carrier rates to USD 40,000 per day in the first quarter of 2020 from USD 78,000 per day in the fourth quarter of 2019.

A rebalance in LNG supply and demand is expected to be achieved by a combination of LNG production curtailments and demand support by a resumption of economic activities across the world.

Despite the short-term supply and demand shocks, growth in LNG trade will still be significant in the medium to long term and likely to recover post-2021 driven by recovery from Asian economies and increasing gas penetration in the energy mix.

Further, the new wave of LNG projects from North America, Africa, Oceania, and the Middle East are expected to start post-2023, which is expected to propel new LNG carriers' demand in the coming years.

Recently, to support the LNG trade activity for the new LNG supply, Qatar Petroleum (QP) has signed agreements with South Korea's "Big 3" shipyards to secure potentially up to 151 ships costing more than QAR 70 billion (USD 19.23 billion) by 2031.

Blackridge Research's Global LNG Carriers Market report provides deep insights into the market's current and future growth outlook. The study offers a detailed analysis of various factors instrumental in affecting the LNG carrier's market growth.

The report also addresses present and future market opportunities, market trends, developments, LNG transportation trends, charter rate analysis, orderbook analysis, important commercial developments, regions, and segments poised for the fastest-growth, competitive landscape, and impact of geopolitics on the LNG carriers market. Further, the LNG carriers market size, demand forecast, and growth rates will also be provided in the report.