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 Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

MHI Receives "Best IR Award"

Mitsubishi Heavy Industries, Ltd. (MHI) has received one of this year's "Best IR Awards" presented annually by the Japan Investor Relations Association (JIRA).

Steven Palazzo Visits HII, Newport

Huntington Ingalls Industries today hosted Rep. Steven Palazzo, R-Miss., for a tour of the company's Newport News Shipbuilding division. Palazzo represents the fourth district of Mississippi,

Everett College to Launch New Research Boat

Everett Community College’s Ocean Research College Academy (ORCA) will launch its new research vesel on November 22 with a celebration at 11 a.m. at the Port of Everett.

Tanker Trends

HMAS Success Deploys to Middle East

After months of preparation, HMAS Success departed Garden Island in Sydney today for a six-month deployment to the Middle East Region to provide logistic support

Rosneft Ships First Oil From Chayvo Field

Rosneft commenced shipment of crude oil extracted at the Northern Tip of Chayvo license off the coast of Sakhalin, with the first tanker carrying Sokol-grade crude leaving port on November 21.

Venezuela Ships First Crude Mixed with Algerian Oil to China

Venezuela is sending its first shipment of crude mixed with Algerian light oil to China, according to state oil company PDVSA and traders.   Venezuela recently

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1450 sec (7 req/sec)