SunSirs: Global Demand for LNG Carriers Set to Soar to 550 Vessels by 2035

GTT has revised its market forecast upwards, predicting that global demand for the construction of LNG carriers will reach 550 vessels by 2035. Previously, GTT had forecast a figure of over 450 vessels.

During the Q&A session at the half-year results briefing, GTT’s Chief Executive, François Michel, elaborated on this demand forecast. He stated that, according to GTT’s estimates, liquefaction projects for which final investment decisions have been made will require 250 LNG carriers. Projects still in the pre-FID stage are expected to generate demand for between 150 and 200 vessels. Furthermore, the phasing out and replacement of ageing vessels in the fleet will add a further 150 to 200 LNG carriers. According to Mr Michel, demand for vessel replacement will rise gradually from 2027 onwards, and he described this capacity demand forecast as “not particularly aggressive”.

Michel explained that new liquefaction capacity totalling 84 million metric tonnes was approved last year, whilst a further 37 million metric tonnes of new projects have received final investment decisions this year. Furthermore, projects totalling 29 million metric tonnes are currently in the pre-FID stage, meaning project owners have issued limited start-up notices. He stated that new liquefaction capacity will come online in stages over the coming years, thereby driving demand for additional transport vessels.

According to Michel, GTT’s order book stands at €1.9 billion (equivalent to US$2.2 billion), setting a new record for the company.

Michel specifically pointed out that in the first half of this year, GTT secured 56 orders for the design of liquid cargo containment systems for LNG carriers, of which only 18 were for projects that reached final investment decisions in 2025 or this year. He believes that global liquefaction capacity will continue to expand rapidly through to 2030 and beyond. The growth in LNG demand is underpinned by the development of the Asian market and the continued increase in natural gas’s share of the global energy mix. By 2050, natural gas and renewable energy will work in tandem to play a more significant role in the global energy system.

Michel stated that existing shipyard capacity is more than sufficient to meet the anticipated demand for new-build LNG carriers. South Korea continues to expand its relevant shipbuilding capacity, whilst Chinese shipyards are continuously freeing up more building slots through optimized construction schedules and new investments.

According to GTT’s estimates, by 2028, at least 100 new LNG carrier building slots will be created globally each year.

Michel noted that several countries are keen to develop domestic LNG carrier building capabilities, with Japan having signalled its intention to revitalize its shipbuilding industry. The United States, India and several other nations have likewise expressed similar intentions.

Discussing GTT’s other business segments, Michel indicated that the company is comprehensively upgrading its LNG fuel supply system solutions. These upgrades will be implemented in phases, involving collaboration with shipyards to optimize processes whilst deepening expertise in core technologies, with the aim of making GTT’s systems more cost-effective and simpler to install. He also emphasized that this move is not intended to capture market share through a low-price strategy.

Michel expressed full confidence in GTT’s future market competitiveness. He acknowledged that the onshore storage tank market had not previously been a key area of focus for GTT. However, looking ahead, the company plans to secure orders for several storage tank projects each year, with the aim of winning its first storage tank project outside China.

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