LNG carriers' near-term glut will ease by 2008

LNG vessel ordering over the past 2-3 years suggests that at least 65 new vessels are due to start trading over the next 4-5 years. Although LNG trade will continue to expand, significant oversupply is likely 2005-06.Such is the scale of expected trade growth, however, that 33 large vessels in addition to those already on order will need to be delivered by the end of the decade to match vessel demand growth.These are some of the findings of a new report from independent research company Ocean Shipping Consultants Ltd., UK.More than $5 billion of additional newbuilding vessel investment will be needed by 2007-08, says the study, to bring the fleet up to the required volume by 2010, with a ...

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