LNG Bunkering

Drewry: LNG shipping on a ‘road to recovery’, but 2026 marks just the beginning

Although 2026 appears to mark the start of recovery, rising geopolitical tensions in the West have heightened uncertainty and could undermine expectations for this year.

Published

7 months ago

January 26, 2026

Admin

Maritime research and research provider Drewry recently said while it expects LNG shipping rates to improve in 2026, rising geopolitical tensions in the West have heightened uncertainty and could undermine expectations for this year:

Drewry expects LNG shipping rates to improve in 2026, driven by demand acceleration and LNG supply expansion. However, a significant rebound is still unlikely, as fleet expansion continues to outpace liquefaction build-up. This is highlighted in the 2026 schedule: over 65% of annual deliveries are scheduled for 1H26, while 60% of new supply is expected in 2H26. Although 2026 appears to mark the start of recovery, rising geopolitical tensions in the West have heightened uncertainty and could undermine expectations for this year.

Rates to revive, but rather cautiously, as geopolitical factors and Asian demand could be the wildcards

We expect LNG shipping rates to recover this year from the multi-year lows recorded in 2025 (with TFDE rates averaged $25,000pd in 2025, down 37% YoY, and XDF/MEGI rates averaged $40,500pd, down 25% YoY). Meanwhile, the chances for a strong rebound remain slim, as 100+ LNGCs are scheduled for delivery in 2026, following 76 deliveries in 2025, signalling persistent oversupply.

Although the fleet expansion will continue to prevent any major correction in rates, some positives will serve as catalysts in pivoting rates toward a road of recovery.

Figure 1: 2025 vs 2026

19 6

LNG trade: Demand will rise, but supply expansion will outpace the demand growth

Supply growth: About 43 mtpa of new liquefaction capacity is expected to be added in 2026, with some mega projects, including Qatar’s North Field Expansion (16.5 mtpa), Golden Pass T1 (6 mtpa), Corpus Christi Phase-3 and Block2-7 (8.6 mtpa), hitting the market. However, 60% of the upcoming supply is expected to become available in 2H26. Global LNG supply will improve on the back of new production additions (40 mtpa) from 2025, which will ramp up their export intensity.
Trade recalibration: The demand outlook is bright for Europe, with robust imports expected this year as the continent is likely to end the 2025-26 winter with less than 30% of storage, supporting demand. However, Europe’s quest to implement further structural changes in its energy sourcing (backed by new supply deals and regasification expansion) will be the main driver of imports in 2026.
Asian demand is set to rise, along with China’s improved demand: Asian demand is anticipated to improve, supported by new supply volumes, higher gas demand, and lower LNG prices. Meanwhile, China’s imports are likely to revive, not due to lower pipeline supply or reduced domestic supply, but to the maxing out of key supply sources that capped China’s LNG demand in 2025. With domestic production already meeting targets for 2025-26 and pipeline supply via PoS 1 operating at full capacity, we expect China’s growing demand to be met through spot buying (which remained subdued in 2025), while new contractual supply is set to commence in 2026.

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

Photo credit: Drewry
Published: 26 January, 2026

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LNG Bunkering

Singapore-based EPS takes delivery of three LNG dual-fuel bulk carriers

Three vessels are the third, fourth and fifth in the company’s series of 14 Newcastlemaxes being built at the yard, and were delivered five months ahead of their contracted delivery dates.

Published

2 hours ago

September 7, 2026

Admin

Singapore-based Eastern Pacific Shipping (EPS) on Friday (4 September) announced the naming and delivery of three new LNG dual-fuel Newcastlemax bulk carriers from China’s Qingdao Beihai Shipbuilding.

Cyril Ducau, CEO of EPS, said the vessels were named Mount Victoria, Mount Yulong and Mount Wuyi.

The three vessels are the third, fourth and fifth in the company’s series of 14 Newcastlemaxes being built at the yard, and were delivered five months ahead of their contracted delivery dates.

“A big thank you to CSSC Group and Qingdao Beihai Shipbuilding, working alongside our EPS team, for the tremendous collaboration and commitment behind this achievement,” Ducau said in a social media post.

Photo credit: Eastern Pacific Shipping
Published: 7 September, 2026

LNG Bunkering

LR awards AiP to CSSC Huangpu Wenchong for 12,500 m³ LNG bunker vessel design

Vessel design incorporates Type C LNG cargo tanks and has been evaluated against a range of class notations covering gas operations, automation, environmental performance and cyber resilience.

Published

3 hours ago

September 7, 2026

Admin

Classification society Lloyd’s Register (LR) on Thursday (3 September) said it has awarded Approval in Principle (AiP) to CSSC Huangpu Wenchong Shipbuilding Co., Ltd. for a new 12,500 m³ LNG bunkering vessel design.

The AiP was signed at SMM 2026 in Hamburg and confirms that the vessel concept has successfully completed an independent design assessment against LR’s latest classification requirements.

The new 12,500 m³ vessel design incorporates Type C LNG cargo tanks and has been evaluated against a comprehensive range of class notations covering gas operations, automation, environmental performance and cyber resilience.

LR’s assessment was carried out in accordance with its Rules and Regulations for the Classification of Ships and Rules and Regulations for the Construction and Classification of Ships for the Carriage of Liquefied Gas in Bulk.

Constantinos Chaelis, LR’s Global Gas Segment Director, said: “This project demonstrates the continued market confidence in LNG and the importance of building the supporting infrastructure that enables owners to make practical emissions reductions today, while maintaining flexibility for the future. Through early engagement between shipyard and class, we can accelerate the delivery of robust designs that meet both operational and regulatory requirements.”

A Huangpu Wenchong spokesperson, said: “This Approval in Principle from Lloyd’s Register validates the technical approach and provides a strong foundation for future development. We believe vessels of this type will play an increasingly important role in supporting the energy transition by helping ensure LNG is available where shipowners need it most.”

Photo credit: Lloyd’s Register
Published: 7 September, 2026

Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

Published

3 days ago

September 4, 2026

Admin

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels.

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029.

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean.

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said.

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service.

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships.

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026