LNG ship values have received a boost as earnings skyrocket once again, surpassing last year’s record-breaking peak and rates have yet to reach a ceiling, according to a VesselsValue analyst
Rebecca Galanopoulos Jones, senior content analyst for the UK-based ship valuation and maritime intelligence firm, said time-charter rates were at US$440,927 per day as of late October, according to the Baltic Exchange. High demand for LNG vessels, due to global energy demand and the Russia-Ukraine war combined with low fleet supply, has sent freight rates sky high.
“As a result, LNG values have continued on their upward trajectory, with newbuilding prices for large LNG carriers up 20% year-on-year from US$204M to US$245M,” said Ms Galanopoulos Jones. “As a result, the number of newbuilding orders placed is up about 92% from last year at 142 orders. Some of the main market participants have been MOL, NYK Line, Global Meridian and Knutsen OAS, ordering up to 15 vessels each so far this year,” she added.
Among the notable shipbuilding contracts signed in October was an en bloc order from US-based VentureGlobal LNG for two 200,000-m3 vessels at Daewoo Shipbuilding & Marine Engineering for delivery in 2026, contracted for US$250M each. As LNG Shipping & Terminals reported, Venture Global LNG now has five of these ‘mega-LNG carriers’ on order.
Greek shipowner TMS Cardiff Gas added a further order to its newbuilding programme for a 174,000-m3 LNG carrier. This vessel is scheduled to be built at South Korea’s Hyundai Samho Heavy Industries and delivered in 2026, contracted for US$247M, VV value US$246M.
