On the other hand, the image of the fleet underscores the need for immediate renewal, as the aging of a significant number of ships, especially the older steam carriers, creates pressure on shipowners to turn to modern and efficient solutions. Regarding the orderbook, it remains strong, although it shows signs of slowing down. Based on data from Veson Nautical, by May 2025, 17 new orders had been recorded, a number significantly lower compared to the “hot” pace of 2024. The orderbook to existing fleet ratio, which had reached 55% in 2024, has now decreased to 45%, with 332 ships under construction with a total capacity of 55 million cbm.
The age composition of the fleet is perhaps the biggest challenge for the future. The average age reaches 10.5 years, but 31% of LNG carriers already exceeds 16 years. This means that within the next five years there will be a massive need for replacement, in order for the market to keep up with stricter environmental standards and charterers’ demands for fuel consumption and efficiency. Analysts point out that the market will require 295 newbuild ships by 2028. And while 300 LNG carriers are expected to be delivered by then, it is estimated that in roughly the same period more than 200 ships will be scrapped or converted to FSRUs.
According to statements by industry executives to “N”, Greek shipowners have emerged as protagonists of the market. Specifically, 46 LNG carriers are on order and represent approximately 14% of the global total, while the existing Greek-owned fleet numbers over 145 ships with a total value of about $32 billion.
Indicatively, TMS Cardiff Gas of George Economou has been a protagonist in the latest next-generation LNG carrier deals, with orders for four at the Samsung Heavy Industries shipyards (total value exceeding $1 billion), further strengthening its position. Evalend Shipping of Kriton Lentoudis is investing dynamically in the LNG bunker vessel sector, adding to its portfolio in an emerging category directly linked to the green transition and the development of dual-fuel ships. Capital Gas Carrier Corp, of Evangelos Marinakis’ interests, was recently in the spotlight as it proceeded with the sale for scrap of the “Trader II”, capacity 138,208 cbm, which had been built in 2002.
With this move, the number of LNG carriers sent for recycling this year reached 11, a record number, which underscores the need for fleet renewal. It is characteristic that the “Trader II” had been purchased only in 2022 for about $26 million. Also characteristic of the need for fleet renewal is the recent statement by the CEO of Capital, Gerasimos Kalogeratos, who stated that “the positive environment, combined with the retirement of older carriers, enhances the value of our new generation of ships”.
A significant part of the orderbook is at the shipyards of South Korea, which maintain their dominance in the sector. Specifically, the units Hanwha Ocean, HD Hyundai, and Samsung Heavy are gathering contracts with a total value of $71.3 billion, with the recent orders from TMS Cardiff Gas and Celsius Shipping (amounting to $1.5 billion) standing out. However, market interest is not limited only to large LNG carriers. 2025 emerged as a milestone year for LNG bunker vessels, as new orders in this segment surpassed those of the large carriers.
From January until July 15 contracts for bunker vessels were recorded, against just nine for LNG carrier vessels.
This dynamic reflects the increasing adoption of LNG as fuel in vessels of other categories, as this year 40% of the total capacity of newbuildings is based on LNG. At the same time, the pressures recorded in the freight market are considered more cyclical. The spot rates for /XDF vessels of 174,000 cbm capacity marginally retreated to $33,000 daily east of Suez and stabilized at $35,000 west. In one-year time charters, prices moved to $44,000 daily, reduced by $1,000. Analysts estimate that this reduction will be reversed as winter approaches.
