Rapidly expanding fleet answers LNG production growth

The latest semiannual worldwide shipping report from Clarkson Research Studies, current through Mar. 1, predicts 2004 will be a "year of strong [LNG] fleet growth." This growth will be driven by the continued strong natural gas demand growth that in 2003 added more than 10 million tonnes/year (tpy) of LNG production capacity. This growth is poised to continue in 2004 and 2005 with an estimated 12.5 million tpy and 14 million tpy, respectively, due to come on line, says the study.As of Mar. 1, LNG shipping capacity was set to jump by 43% as 56 vessels were on the orderbook representing 7.84 million cu m of transportation capacity. In the prior 6 months, 14 new contracts had been placed, co...

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