Qatar embarking on significant wave of LNG fleet expansion

Qatar embarking on significant wave of LNG fleet expansion

Qatar is embarking on another significant wave of fleet expansion, to underpin its domestic expansion of the North Field project, as well as investments in the Golden Pass LNG terminal in the US Gulf Coast region according to Gas Exporting Countries Forum (GECF) annual gas market report 2023.

To accomplish this, it has been reported that Qatar has secured booking slots at all of the major South Korean shipbuilding yards over the next five years, for orders of around 100 new carriers.

The cost of newbuild LNG carriers has increased in excess of $250m, which is around $20m more than the average price during 2021. This increasing cost in recent years has been attributed to rising expenses related to construction materials, mainly steel, as well as shortages in the number of available shipyards, the report further said.

It added, concerning this point, it has led to vessel owners exploring other options outside the traditional world-leading shipyards for newbuild orders. In particular, with the Hyundai, Daewoo, and Samsung shipyards of South Korea becoming fully booked until after 2025, manufacturers in China are growing in importance, already securing at least 36 of the vessels on the orderbook for orders, which the ownership details are already