Shipping services group Clarksons said that the current order book for LNG tankers will need to be added to significantly to keep pace with demand.
The London-based company revealed in its half-year results report on Monday that it expects LNG trade to grow at around 5% CAGR through to 2025. This will add an additional 160 million tonnes of new demand.
“ We must await the new waves of supply coming between 2017-2019 as a catalyst for a more bullish sentiment from the owning community ,” Clarksons said.
The increase in volume over the next ten years means that the current order book for LNG vessels will need to be added to significantly.
According to Clarksons, the first six months of this year saw rates for the most modern LNG vessels slip from US$72,000 per day in 2014 to a disappointing US$41,000 per day average so far this year.
The older steam turbine vessels suffered equal pain sliding from US$49,000 per day down to US$29,000 per day, the company added.
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