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

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.

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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

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Newbuilding

LR launches Newbuild Advisory service, guide on major North Asian shipyards

Advisory service is designed to support shipowners, operators, yards, and investors throughout the design and build process while updated guide gives detailed insight into shipyards across China, Korea and Japan.

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RESIZED Chris Pagan

Classification society Lloyd’s Register (LR) on Tuesday (2 June) said it is growing its role in the newbuilding market with the launch of its Newbuild Advisory Service and updated New Construction Guide.

With global demand continuing to reshape shipyard orderbooks, owners are balancing a growing number of considerations during the planning phase of newbuilding projects, including fuel readiness, delivery timelines, technical capability and long-term operational requirements.

Launching at Posidonia 2026, the Newbuild Advisory service is designed to support shipowners, operators, yards, and investors throughout the design and build process, helping them to manage risk, optimise performance, and make informed decisions from concept through to delivery.

Drawing on experience from more than 500 new building projects, the Newbuild Advisory Service helps clients make better design and technology choices upfront, giving greater control over cost and schedule as projects progress, and reducing the risk of misalignment between owner expectations and yard execution.

It also adds a layer of independent oversight, with a focus on build quality, efficiency and long-term asset performance.

Sujith Tooneri, Global Head – Newbuild Advisory Services, LR, said: “Ship newbuilding for the future starts with making the right decisions today, and these decisions will shape the next generation of maritime operations.

“LR’s Newbuild Advisory Services provide expert guidance from concept to delivery, helping you design, specify and implement solutions that meet tomorrow’s standards. From concept, regulatory impact and risk to GHG reduction strategies and integrating innovative technologies, we ensure your fleet is smarter, safer and future ready.”

Alongside the Newbuild Advisory Service launch, LR is introducing an updated New Construction Guide, providing detailed insight into major North Asian shipyards, on yard capabilities, experience and regional strengths in a single, easy-to-use tool.

The guide brings together independent shipyard intelligence across China, Korea and Japan to help owners, operators and project teams compare options more confidently before entering newbuild discussions.

The guide reflects LR’s extensive knowledge of key shipyards, regional shipbuilding activity and newbuilding considerations, combined with its technical expertise across classification, plan approval, technical advisory and digital support services.

Sherry Li, Global Head of New Construction, LR, said: “Selecting the right shipyard has become more complex as owners balance delivery schedules, fuel transition strategies and changing market requirements. Clients need reliable insight early in the process to help them make confident decisions and reduce uncertainty around newbuilding projects.

“Our updated New Construction Guide reflects LR’s depth of knowledge across key shipbuilding regions, particularly North Asia. It is designed to give clients practical support as they evaluate shipyard capability, plan future fleet investment and navigate increasingly complex construction requirements.”

The Newbuild Advisory Service and updated New Construction Guide will be featured at the LR stand during Posidonia, as part of broader engagement with owners, yards and charterers on the next phase of newbuild activity.

 

Photo credit: Chris Pagan on Unsplash
Published: 3 June, 2026

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Methanol

Maritime Blue calls for proposals on methanol bunker barge design

Maritime Blue, in collaboration with the Port of Seattle, Port of Tacoma, Northwest Seaport Alliance, and ABS, is seeking a naval architecture firm to develop design schematics for a methanol bunker barge.

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RESIZED Venti Views on Unsplash

Maritime Blue, in collaboration with the Port of Seattle, Port of Tacoma, Northwest Seaport Alliance, and American Bureau of Shipping (ABS), is seeking a qualified naval architecture firm to develop design schematics for a methanol bunker barge.

A Request for Proposals (RFP), issued on 11 May, invited companies to submit a proposal for the barge, which will be used as the supply ship in a ship-to-ship methanol bunkering exercise during a high level risk assessment workshop planned for September 2026. 

The design is intended for a desktop exercise to identify operational requirements and safety gaps for green methanol bunkering in the Seattle-Tacoma Gateway.

The bunker barge is expected to have a methanol capacity of approximately 30,000 bbls but contractors may propose alternative capacities with justification. 

The receiving ship for the workshop has not been selected yet, but is anticipated to be a cargo, container, cruise, or ro-ro ship.

Maritime Blue said the submission deadline for the proposals is 1 June at 3pm PDT.

 

Photo credit: Venti Views on Unsplash
Published: 29 May, 2026

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Newbuilding

Fratelli Cosulich readies methanol-ready bunker tanker for maiden voyage to Singapore

Vessel will now commence preparations for her maiden voyage to Singapore, where it is expected to support the Group’s ongoing bunkering operations and further strengthen its presence in the city-state.

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Fratelli Cosulich readies methanol-ready bunker tanker for maiden voyage to Singapore

Marine fuel supplier Fratelli Cosulich on Wednesday (20 May) said it celebrated the delivery of Anna Cosulich, one of the Group’s new generation of methanol-ready IMO II bunker tankers developed within its fleet expansion programme.

Delivered at the Taizhou Maple Leaf Shipyard (China), the vessel marked another important milestone for the Marine Energy business unit. 

The vessel will now commence preparations for her maiden voyage to Singapore, where it is expected to support the Group’s ongoing bunkering operations and further strengthen its presence in one of the world’s leading bunkering hubs. 

“All necessary arrangements and preparations are being carried out to ensure a smooth transition into operations ahead of her voyage,” the company said. 

“We wish Anna Cosulich and her crew a safe voyage ahead and fair winds on her maiden journey to Singapore.”

 

Photo credit: Fratelli Cosulich
Published: 21 May, 2026

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