Lng Carrier Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The LNG carrier market is expected to record a CAGR of approximately 3.6% during the forecast period. The COVID-19 pandemic has hindered the market's growth as the demand for gas declined in the first half of 2020. The International Energy Agency (IEA) reported that gas consumption declined by 4% in 2020. Also, as per Oxford Energy, gas consumption in Europe declined by about 8% Y-o-Y in the first five months of 2020. Factors such as flexible deployment capabilities, increased efficiency, and increasing global consumption of LNG driven by supportive government regulations and demand from several end-user industries, including power generation and industrial, are expected to drive the market in the coming years. However, with the new carrier fleet entering the market and with regional shipping imbalances, there has been a fluctuation in the charter rates of carriers, which may hinder the market’s growth during the forecast period.
Key HighlightsThe LNG carrier market is moderately fragmented. Some of the major companies operating in the market include Royal Dutch Shell PLC (Shell), Nippon Yusen Kabushiki Kaisha (NYK), Mitsui OSK Lines Ltd (MOL), Misc Berhad (Misc), and Teekay Corporation.
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