LNG

Sept 17 (LNGJ) - With about a dozen new liquefied natural gas supply projects under serious development, particularly on the Gulf Coast of the US, there have been 33 new LNG carriers ordered so far this year, mostly from shipyards in South Korea. That newbuild total compares with 19 LNG vessels ordered in the whole of 2017 and six the previous year. “Owners have been tempted by higher spot and short-term charter rates, still-low newbuilding prices and rapidly growing LNG trade,” according to a report from energy consultants Wood Mackenzie. It said that new LNG supply was being absorbed far more easily than many expected by booming demand in Asia. Wood Mackenzie currently forecasts that 114 million tonnes per annum of new LNG capacity would take final investment decisions between 2018 and 2021. However, the report said these pre-FID projects would not provide any new LNG to the market until at least 2023.