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LNG Market Snapshot — November 2015

  • The global active LNGC fleet retracted slightly for the first time in a decade to 413 vessels; the order book remains flat at 147 vessels
  • General vessel oversupply maintains pressure on spot charter rates with a monthly average rate of $25,000/day, in line with our forecasts
  • Attrition of older LNGCs is gathering some momentum with c. 40 vessels aged 25+ years
  • Ship owners, under pressure from low dayrates, are increasingly discovering the FSRU charter market as a lucrative alternative to scrapping older vessels
  • Market visibility suggests current FSRU dayrates average $98,000 on contracts lasting 10 years or more
  • Japanese energy market deregulation is likely to make future Japanese LNG demand more uncertain; LNG oversupply looms from 2017 onwards
  • Excess LNG supply from the Pacific Basin could help maintain low gas prices in Europe and offer more competition to coal on the old continent

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