China pushing the LNG market, says VV
The research and data mining company Vessels Value (VV) recently released an analysis on the LNG market. Head cargo analyst Olivia Watkins evaluates recent developments and trends in this sector focusing on seaborne demand for LNG transportation with an emphasis on China.
Altogether, the market sentiment is positive with increased Chinese demand spearheading this growth, mainly as a result of LNG being used as an energy source in place of oil and coal. Japan, however, continues to demand the greatest seaborne imports.
Greek and Japanese owners dominate the fleet in terms of total value. South Korea continues to lead the LNG vessel building market, but there are signs that a significant shift is coming. Cargo Miles (bn) to Tianjin (China) have doubled between 2018 and 2019 due to Chinese investment in terminal expansion. (fd)