Drewry: LNG newbuild orders halve in 2025—a likely rebound in the near term

Maritime research and research provider Drewry recently analysed the trends of LNG newbuild orders, comparing 2024 and 2025 as well as its outlook for new orders in 2026:

Only 38 vessels were ordered in 9M25 compared to 86 in 9M24, with the orderbook-to-fleet ratio continuing to weaken in 2025, deflated by higher deliveries and low new orders. New orders were impacted by the slower pace of FIDs (in 2024 and 1H25), along with high newbuild prices and increasing uncertainty related to USTR 301, as well as stringent emission regulations such as the EU ETS and FuelEU Maritime (FEM).

New orders suffer, while deliveries thrive 

By end-3Q25, 38 vessels were ordered, down 56% from 9M24. The LNGC tally was even lower, with only 17 carriers ordered in 9M25 compared to 73 in 9M24, while LNGBVs have been stealing the show with 19 vessels ordered so far. Two FLNGs were also ordered in 3Q25 by Mexico’s Amigo LNG at the UAE’s Dubai Drydocks.

Drewry expects about 50 vessels to be ordered in 2025, compared to 96 in 2024. The current orderbook comprises 335 vessels (289 LNGCs, 37 LNGBVs, 4 FSRUs and 5 FLNGs), with an orderbook-to-fleet ratio of 41%. We expect the orderbook to deflate further till new ordering resumes, which appears to revive from the next year only.

New ordering revives in 3Q25

LNGC ordering gained momentum in 3Q25, with nine vessel orders, exceeding the eight ordered in 1H25. The quarter also saw five LNG bunker vessels (LNGBVs) and two floating LNG units (FLNGs) added to the orderbook. A notable development was Hanwha’s unexpected decision to commission two LNGCs under its own account, one in July and another in August. These ships are registered to be built at Hanwha’s Philly shipyard, marking the first LNGC orders in the US since the 1970s. While the core construction will take place in South Korea, final assembly and flagging will occur in the US. This move is widely interpreted as a strategic response to the USTR 301 regulation, which mandates that 1% of US LNG exports be carried on US-built and flagged LNGCs, a requirement considered economically challenging given the reported $250 million price tag per carrier.

Chinese shipyards bear the brunt of increasing scrutiny from the West 

As of end-September 2025, South Korean yards constitute 65% of the current orderbook, followed by Chinese yards, accounting for 33%. There have been no LNGC orders at Chinese yards so far in 2025 mainly due to the uncertainty created by the USTR regulations on Chinese-built vessels. However, Chinese yards have secured 58% of the LNGBV orders placed so far this year. The regulations with potential port fees on Chinese-built LNGCs and other geopolitical developments have increased commercial uncertainty for shipowners over where to place orders.

Note: The full article by Drewry can be read here.

Photo credit: Drewry Maritime Research
Published: 30 October, 2025