We expect at least 6 newbuilds to enter the market this year
The global LNGC fleet grew by 1 vessel to 428, the order book by 1 vessel to 133
General vessel oversupply further reduced fleet utilisation to 85.28%, further deliveries could reduce it to around 80%
However, the slight increase in layups was enough to lift the monthly average spot charter rate to $24,750/day, roughly in line with our 12-month target range of $25-35,000/day
Steam-powered LNGCs struggle to improve their charter rate prospects in light of oversupply of newer DFDE/TFDE competitors
Far Eastern LNG market in particular appears saturated with Japan and South Korea returning to nuclear
Bright spot offered by emerging Southeast Asian buyers such as India, Pakistan and Thailand, with significant energy supply gaps to be filled
Innovative supply models are being tested but will not necessarily benefit the spot charter market
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