LPG Vessels on Order: More & Larger in Size

Drewry Maritime Research
Friday, March 08, 2013
LPG Carrier: Photo credit Hoegh

Rising demand from emerging country economies has prompted owners to order more and larger LPG vessels, according to Drewry.

The increased demand has been further improved by a growing consumption base in emerging economies, with supply bolstered by an expected emergence of new export sources, notably the US and the Russia.

LPG demand in the so-called saturated markets, such as Japan and South Korea, is also expected to remain robust on the back of government support and increasing consumption in sectors other than the residential sector.

China has also been investing in PDH units, which could help imports to recover in the medium and long term. These developments, or expected developments, from both the supply as well as the demand side, have led owners to believe that tonne-mile demand could rise in the medium and long term. In response, newbuilding activity has gained momentum.

Only five VLGCs were ordered during 2010 and four in 2011, but there were 11 orders for VLGCs aggregating more than 0.9 million cbm during 2012. The average size has grown too, rising from 15,179 cbm in 2010 to 32,125 cbm last year, on the back of the 11 VLGC orders.

The increased demand has been further improved by a growing consumption base in emerging economies, with supply bolstered by an expected emergence of new export sources, notably the US and the Russia.

LPG demand in the so-called saturated markets, such as Japan and South Korea, is also expected to remain robust on the back of government support and increasing consumption in sectors other than the residential sector.

China has also been investing in PDH units, which could help imports to recover in the medium and long term. These developments, or expected developments, from both the supply as well as the demand side, have led owners to believe that tonne-mile demand could rise in the medium and long term. In response, newbuilding activity has gained momentum.

Only five VLGCs were ordered during 2010 and four in 2011, but there were 11 orders for VLGCs aggregating more than 0.9 million cbm during 2012. The average size has grown too, rising from 15,179 cbm in 2010 to 32,125 cbm last year, on the back of the 11 VLGC orders.

Source: Drewry Maritime Research

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Horizon Delivers Towboat Marty Cullinan for FMT

In June 2016 Horizon Shipbuilding, Inc. of Bayou La Batre, Ala. delivered the M/V Marty Cullinan, a 120’ towboat with a retractable pilot house, to its home port of New Orleans, La.

New Dredger for North Carolina’s Coastal Waterways

The North Carolina Department of Transportation recently took delivery of a new, fully customized cutter suction dredge, which it christened the Dredge Manteo in a ceremony held April 28,

New 'Mega Passenger Ship' for Star Cruises

Elomatic Ltd and Deltamarin Ltd have signed a tri-party engineering contract with shipbuilder MV Werften for the design of Star Cruises’ new Global Class “mega passenger ship,

Tanker Trends

First US LNG Shipment Goes to China

The first liquefied natural gas vessel from the lower 48 U.S. states is on its way to China, according to a Reuters interactive map on Friday, the latest sign that

Libyan Oil Exports to Resume from Closed Ports

Libyan oil exports from closed ports should resume in no more than one to two weeks after a deal was signed between the government and an armed brigade controlling the terminals,

Asia Tankers-VLCC Rates Falter on Oil, Tanker Supplies

MidEast, West Africa rates hit 11-month low. Freight rates for very large crude carriers (VLCCs), which hit an 11-month low this week, could slide further next

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0596 sec (17 req/sec)