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SHIPPING & TERMINALS 4th Quarter 2025www.lngworldshipping.com FSRUs Nusantara Regas Satu: lifecycle insights Steamers Ageing LNG carriers – retire or repurpose? 1,000th LNG carrier Deliveries approach historic milestone Innovation A compact turbine package for FLNGs US LNG buildout: capacity and constraintsThe Longest Range Laser Sensor for Dynamic Positioning Applications www.guidancemarine.comsales@guidancemarine.com Guidance Marine empowers vessels with advanced sensor technology, delivering unmatched precision, safety, and control, even in the most challenging marine environments. Meet CyScan AS, a high-performance local position reference sensor specifically engineered for marine DP applications. Incorporated with Absolute Signature (AS) technology, it provides an improved performance during target identification, acquisition, and tracking. Ready to elevate your LNG operations? CyScan AS BrochureCONTENTS 4th Quarter 2025 | volume 24 issue 4 SHIPPING & TERMINALS www.lngworldshipping.com LNG Shipping & Terminals | 4th Quarter 2025 14 22 30 Regulars 3 COMMENT 9 FLEET DATA 44 VIEWPOINT Gastech 2025 4 The important LNG shipping news Gastech 2025 LNG fleet 2030 6 Drewry examine the shape of the LNG fleet in 2030 1,000th LNG Carrier 10 LNG fleet accelerates toward 1,000-vessel mark Area report: North America 12 US approvals shape outlook: Canada, Mexico progress 14 DOE study clears path for US LNG exports 16 FIDs hit record and new projects surge 18 US LNG bunkering expands, infrastructure gaps persist 21 Wood Mackenzie flags LNG oversupply as Chinese imports slow 22 A look at projects coming online in Canada and Mexico Terminals 24 Planning in-service inspection of ammonia tanks 25 Tractebel pre-FEED plan for LNG to ammonia terminal Floating LNG 26 A look at a 70-MW aeroderivative driver for FLNGs LNG & wingsails 28 Wingsail retrofit on membrane LNG carriers Arrival Optimisation 30 Boil-off aware routing supports LNG berth scheduling LNG Bunkering 32 Optimising LNG bunkering operations with 25DF gensets and 2MWh battery Recycling 34 LNG carrier recycling surges in 2025 but faces regulatory deadlock IGU report 36 IGU reports capacity–demand divergence reshaping LNG shippingCONTENTS 4th Quarter 2025 | volume 24 issue 4 SHIPPING & TERMINALS LNG Shipping & Terminals | 4th Quarter 2025 www.lngworldshipping.com Subscribe Today Subscribe to LNG Shipping and Terminals for insightful reporting, expert commentary and unmatched business intelligence. Sign up by visiting our subscription page, www.rivieramm.com/subscribe Tankers & Markets Editor: Craig Jallal t: +44 20 8370 1717 e: craig.jallal@rivieramm.com Brand Manager – Sales: Ian Pow t: +44 20 8370 7011 e: ian.pow@rivieramm.com Head of Sales – Asia: Kym Tan t: +65 6809 1278 e: kym.tan@rivieramm.com Senior Creative Manager: Mark Lukmanji t: +44 20 8370 7019 e: mark.lukmanji@rivieramm.com Chairman: John Labdon Managing Director: Steve Labdon Executive Editor & Head of Business Relations: Edwin Lampert Managing Editor: John Snyder Published by: Riviera Maritime Media Ltd Mitre House, 66 Abbey Road Enfield EN1 2QN, UK www.rivieramm.com ISSN 2634-7431 (Print) ISSN 2634-744X (Online) ©2025 Riviera Maritime Media Ltd Disclaimer: Although every effort has been made to ensure that the information in this publication is correct, the Author and Publisher accept no liability to any party for any inaccuracies that may occur. Any third party material included with the publication is supplied in good faith and the Publisher accepts no liability in respect of content. All rights reserved. No part of this publication may be reproduced, reprinted or stored in any electronic medium or transmitted in any form or by any means without prior written permission of the copyright owner. Steamers 38 Steam-turbine LNG carriers face narrowing employment window Escort Tugs 40 Emergency response planning needs to be embedded FSRU 42 Thirteen years on-station without a single dry-dock Viewpoint 44 How the increase in North American LNG developments impact demand for escort tugs Front cover: LNG loading arm symbolises surge in LNG export developments in the USA (source: Port of Tacoma) 38 42www.lngworldshipping.com LNG Shipping & Terminals | 4th Quarter 2025 Craig Jallal Tankers & Markets Editor The size of the LNG prize for shipyards and suppliers COMMENT | 3 “ LNG trade grew for the 11th consecutive year, reaching 555 bcm” There are caveats. CRS notes deliveries in 2026–27 clustered at a small set of yards, which increases schedule sensitivity. Drewry also flags a vessel surplus persisting to 2027 before rebalancing, with ordering momentum expected to “rise from 2027”. Suppliers should plan for a throughput peak followed by a service-heavy plateau, rather than a straight-line climb. The market signal from the gas side remains supportive. The IGU report concludes that natural gas “remains essential to energy security,” with LNG underpinning system flexibility as power systems absorb more variable renewables, and calls for “targeted investments in natural gas and LNG supply, infrastructure, and storage.” If that capital flows as outlined, the installed LNG carrier fleet will not only grow - it will require disciplined aftersales capacity in diagnostics, parts logistics and field engineering over decades. That is the prize: fewer product permutations, deeper contractual tails, and a fleet whose technical centre-of-gravity suits scalable service models - provided suppliers align footprint and working capital to a delivery bulge that gives way to sustained maintenance demand. LNG T he global LNG carrier fleet is expanding at pace, and the line of sight to a round-number threshold is now clear. Based on current data from Clarkson Research Services (CRS), the 1,000th LNG carrier is expected to enter service by June 2027. That milestone is underpinned by a heavy near-term delivery profile. Drewry records fleet growth of 9.6% in 2025 with 89 vessels joining by year-end, followed by schedules of 94 and 92 in 2026 and 2027 respectively. Orderbook composition matters for suppliers. CRS data show a concentrated builder landscape, with five shipyards accounting for more than two-thirds of all LNG carriers in service or on order, and a narrow set of containment and propulsion choices across the mainstream fleet. The same dataset points to “propulsion consolidation”, with two-stroke dual-fuel designs now dominant in newbuildings. Fewer technical variants reduce integration risk and simplify spares strategies. They also compress competition within each equipment class, which may support pricing power for incumbents while leaving later entrants to compete on lifecycle support rather than first-fit supply. The demand side is not a void. The International Gas Union’s 2025 Global Gas Report states that: “LNG trade grew for the 11th consecutive year, reaching 555 bcm,” and highlights ~270 bcm of liquefaction capacity approved or under construction to be commissioned by 2030. That frame aligns with Drewry’s vessel demand model, which indicates “between 150 and 250 LNG carriers will be required by 2030 under base-case and high-case scenarios.” In other words, the fleet growth visible on orderbooks connects to cargo programmes rather than abstract optimism. For equipment makers, the “size of the prize” is therefore twofold. First, the newbuilding wave itself - dense deliveries through 2027, a lull in 2025–26 ordering that Drewry expects to re-accelerate from 2027 as more projects take FID, and a predominantly long-term chartered orderbook, “about 75%” committed. Second, the serviceable installed base that follows. Drewry expects scrapping to rise with “a record number of LNG carriers…already…scrapped in 2025” and demolitions peaking by 2028, tightening the age profile and tilting the fleet towards a modern, standardised plant. Standardisation enlarges commonality across critical systems; service, upgrades and reliability packages should track that reality.LNG Shipping & Terminals | 4th Quarter 2025 www.lngworldshipping.com 4 | GASTECH 2025 New LNG carrier designs emerge at Gastech 2025 At Gastech 2025 in Milan, classification societies and shipbuilders revealed approvals and partnerships on next-generation LNG carrier concepts S everal LNG carrier technology milestones were unveiled at the Gastech 2025 exhibition in Milan, where classification societies and industry stakeholders announced approvals in principles (AiPs) and collaborations for novel vessel concepts. DNV and HD Hyundai Heavy Industries signed a memorandum of understanding to collaborate on the verification of a compact 200,000-m³ LNG carrier concept intended to enhance operational efficiency and terminal compatibility. The Memorandum of Understanding (MoU) was signed during the trade fair by DNV regional manager for Korea & Japan Vidar Dolonen and HD Hyundai Heavy Industries chief technology officer Hongryeul Ryu. The shipyard described the concept as “dimensional optimised” and compact, designed to meet customer requirements by enhancing compatibility with a wider range of LNG terminals and improving operational flexibility. Lloyd’s Register (LR) granted approval in principle to HD Hyundai Heavy Industries for an LNG carrier design featuring a forward accommodation block relocated to the bow and integrated wind-assisted propulsion. The concept, developed with Mitsui OSK Lines and the Republic of the Marshall Islands Maritime Administrator, relocates the bridge and accommodation structure from the aft section to provide an unobstructed deck area above cargo tanks. LR said this fore-deckhouse arrangement delivers aerodynamic benefits that can reduce drag, improve propulsion efficiency and potentially lower fuel consumption, while accommodating future alternative fuel modules and battery storage. LR also granted AiP for two membrane-type LNG carrier designs incorporating four Wind Challenger hard sail propulsion units, in collaboration with Mitsui OSK Lines (MOL), Samsung Heavy Industries and HD Hyundai Heavy Industries. MOL said: “Last year, MOL obtained AiP to install two Wind Challenger units on a conventional LNG carrier. In the new vessel design, the bridge has been positioned toward the bow to enable both an increase in the number of Wind Challenger units and the optimisation of their placement, thereby maximising fuel efficiency gains.” Korean Register awarded an AiP to HD Hyundai Mipo and HD Korea Shipbuilding & Offshore Engineering for an IMO Type-C tank design, applying engineering critical assessment methods from the earliest design stage. The methodology predicts crack propagation in metallic structures to enable structural safety analysis over the operational lifetime of the tank in cryogenic and high- pressure conditions for LNG, ammonia and hydrogen. HD Hyundai Mipo executive vice president Dongjin Lee said: “Through this collaboration, we have further enhanced the design competitiveness of gas carriers and bunkering vessels. By establishing an objective framework to verify the long- term reliability of tank structures, we are able to actively address the diverse needs of the market.” American Bureau of Shipping and the Liberia flag state awarded an initial AiP to a nuclear-powered LNG carrier design developed jointly by Samsung Heavy Industries and the Korea Atomic Energy Research Institute. The small modular reactor concept uses a molten-salt reactor designed to deliver 100 MW of propulsion power and to eliminate the need for fuel replacement during the vessel’s lifetime. Ulstein chief designer Øyvind Gjerde Kamsvåg said it is “all about incentives” and that pioneers among flag states would be required to drive adoption of the technology. LNG Gastech 2025: HD Hyundai Heavy Industries and DNV sign a 200,000-m 3 LNG carrier MoU (source: DNV)www.lngworldshipping.com LNG Shipping & Terminals | 4th Quarter 2025 LNG Carrier Deliveries Q3 2025 and Q4 2025 The latest known LNG carrier deliveries into the fleet and expected deliveries (source: VesselsValue) Q3 2025 Q4 2025 Reported month Name/Identifier/YardSize (CBM)Vessel typeEngine typeBeneficial OwnerCommercial Manager JulAl Mas'Habiyyah174,000 CBMLARGE LNGXDFNYK LineNYK Line JulBu Nakhlah174,200 CBMLARGE LNGMEGAKorea Green LNGSK Shipping JulLeshatt174,000 CBMLARGE LNGMEGAGlobal Meridian HoldingsOceonix Services JulMesaieed174,000 CBMLARGE LNGXDFIngeparKnutsen OAS Espana JulPuteri Selangor174,000 CBMLARGE LNGDFDE Bank of Communications Financial Leasing SK Shipping JulPuteri Pahang174,000 CBMLARGE LNGMEGA Bank of Communications Financial Leasing H Line Shipping AugAl Reef175,000 CBMLARGE LNGDFDE ADNOC Logistics and Services ADNOC Logistics and Services AugPuteri Terengganu174,000 CBMLARGE LNGMEGA Bank of Communications Financial Leasing SK Shipping AugWadi Al Sail174,000 CBMLARGE LNGXDFSociete GeneraleKnutsen OAS Shipping AugAl Zuwair174,000 CBMLARGE LNGXDFNYK LineNYK Line AugVenture Pelican200,000 CBMLARGE LNGDFDEVenture Global LNGVenture Global LNG AugFath Al Khair174,176 CBMLARGE LNGXDFNYK Line China LNG Shipping International AugOrion Hugo174,000 CBMLARGE LNGMEGAGlobal Meridian HoldingsOceonix Services SepOrion Gauguin174,000 CBMLARGE LNGXDFGlobal Meridian HoldingsGlobal Meridian Holdings SepZhores Alferov174,000 CBMLARGE LNGDFDEBuilder / YardBuilder / Yard SepLev Landau174,000 CBMLARGE LNGDFDEBuilder / YardBuilder / Yard Sep2550 (Hull) Hanwha Ocean174,000 CBMLARGE LNGMEGAMOLMOL SepPyotr Kapitsa174,000 CBMLARGE LNGDFDEBuilder / YardBuilder / Yard SepAlexey Kosygin172,600 CBMLARGE LNGDFDESmart LNGSmart LNG SepHudong Zhonghua174,000 CBMLARGE LNGXDFNYK LineNYK Line Sep2639 (Hull) Samsung174,000 CBMLARGE LNG Unknown Dual Fuel Oceonix ServicesOceonix Services OctSergei Witte172,600 CBMLARGE LNGDFDESmart LNGSmart LNG OctCelsius Guadeloupe180,000 CBMLARGE LNGXDFCelsius ShippingCelsius Shipping Oct 8174 (Hull) Hyundai Samho Heavy Ind 170,520 CBMLARGE LNG Unknown Dual Fuel UndisclosedUndisclosed OctLNG Ping Hu78,900 CBMMIDSIZE LNG Unknown Dual Fuel UndisclosedUndisclosed OctOcean Inspiration174,000 CBMLARGE LNGXDFCOSCO HK ShippingCOSCO HK Shipping OctHudong Zhonghua174,000 CBMLARGE LNGXDFNYK LineNYK Line OctHyundai Samho174,000 CBMLARGE LNGXDFNYK LineNYK Line Oct 9972218 (IMO) Hyundai Samho 174,000 CBMLARGE LNGMEGAKnutsen OAS ShippingKnutsen OAS Shipping Oct2542 (Hull) Hanwha Ocean200,000 CBMLARGE LNGDFDEVenture Global LNGVenture Global LNG Nov2563 (Hull) Hanwha Ocean174,000 CBMLARGE LNGMEGAKorea Green LNGKorea Green LNG NovNikolay Semenov174,000 CBMLARGE LNGDFDEMOLMOL Nov2538 (Hull) Hanwha Ocean174,000 CBMLARGE LNGMEGIMaran Gas MaritimeMaran Gas Maritime Nov2539 (Hull) Hanwha Ocean174,000 CBMLARGE LNGMEGIMaran Gas MaritimeMaran Gas Maritime NovBW Nivalis174,000 CBMLARGE LNGMEGIBW LNGBW LNG NovAl Sailiya174,000 CBMLARGE LNGDFDEGlobal Meridian HoldingsGlobal Meridian Holdings NovSea Creation175,000 CBMLARGE LNGDFDEChina Merchants Shipping China Merchants Shipping Nov2651 (Hull) Samsung180,000 CBMLARGE LNGMEGACelsius ShippingCelsius Shipping Nov 20221475 (Hull) Jiangsu Yangzijiang 175,000 CBMLARGE LNGMEGABuilder / YardBuilder / Yard NovDaqing174,000 CBMLARGE LNGXDF United Liquefied Gas Shipping United Liquefied Gas Shipping Nov 3383 (Hull) Hyundai Heavy Ind 174,000 CBMLARGE LNGXDFKnutsen OAS ShippingKnutsen OAS Shipping Nov2564 (Hull) Hanwha Ocean174,000 CBMLARGE LNGMEGAKorea Green LNGKorea Green LNG DecChangqing174,000 CBMLARGE LNGXDF United Liquefied Gas Shipping United Liquefied Gas Shipping DecSea Navigator175,000 CBMLARGE LNGDFDEChina Merchants Shipping China Merchants Shipping DecIdd Al Shargi174,000 CBMLARGE LNGXDFNYK LineNYK Line DecSharq174,000 CBMLARGE LNGDFDENYK LineNYK Line Dec1092 (Hull) Nantong CIMC 12,500 CBM SMALL SCALE LNG (Bunkering) Unknown Dual Fuel Scale GasScale Gas DecClean Sirocco200,000 CBMLARGE LNGXDFDynagas Holding LtdDynagas Holding Ltd DecNikolay Basov174,000 CBMLARGE LNGDFDEMOLMOL DecIlya Mechnikov174,000 CBMLARGE LNGDFDEMOLMOL Dec9977282 (Hull) Samsung174,000 CBMLARGE LNGDFDEGlobal Meridian HoldingsGlobal Meridian Holdings Dec2632 (Hull) Samsung174,000 CBMLARGE LNGDFDEH Line ShippingH Line ShippingLNG Shipping & Terminals | 4th Quarter 2025 www.lngworldshipping.com 6 | LNG FLEET 2030 Will there be enough LNG carriers by 2030? LNG liquefaction capacity is undergoing rapid expansion, but even with a stacked LNG carrier delivery schedule, will there be enough suitable LNG carriers to serve demand, asks independent shipping analysis company Drewry .0 0,00 0,00 2024202520262027202820292030 5,000 4,000 3,000 2,000 1,000 0 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 Billion tonne-miles Phase 1: Surplus 2025-26 Phase 2: Rebalancing 2027-28 Phase 3: Deficit 2030-32 • High vessel deliveries with over 250+ LNGCs expected by 2027 • Scraping, conversions and layups will accelerate • Low ordering • Moderate trade growth, with US-Europe trade increasing • Replacement tonnage/ fleet renewal will create new demand • Planned capacities vying for FID in 2028-29 will generate vessel demand • Environmental scrutiny will boost demand for modern carriers • Improved vessel absorption: Increased Asian demand supported by lower prices and new supply • Deliveries will fall off a cliff post-2027 • Scraping and conversions will intensify • New orders will pick up following pre-FID approvals in 2027-28 • High vessel absorption: Increased long-haul trade, with Asian demand driving LNG trade growth $’000/pd (source: Drewry Maritime Services) Supply-Demand balanceDemandSupplyMEGI spot rates (right axis) PHASES OF LNG CARRIER FLEET DEVELOPMENT – 2025-2030 Pratiksha Negi (Drewry): “Massive liquefaction capacities expected by 2030 will require a substantial increase in the LNG carrier fleet” (source: Drewry)www.lngworldshipping.com LNG Shipping & Terminals | 4th Quarter 2025 LNG FLEET 2030 | 7 L NG fleet growth will keep shipping rates under pressure in 2025–26, reports Drewry, the independent shipping analysis firm, in its latest LNG Forecast, compiled by research associate Pratiksha Negi. Rebalancing is likely from 2027 as massive liquefaction capacities of over 170M tonnes per annum (mtpa) become operational, while a slew of planned projects line up for final investment decision (FID). Drewry anticipates that about 150-180 more LNG carriers will be required by the end of the decade once planned projects (over 200 mtpa) begin securing FIDs, with higher replacement tonnage and environmental scrutiny further necessitating vessel demand. As it is, LNG shipping continues to grapple with a vessel surplus, amid robust deliveries. The fleet is projected to grow 9.6% in 2025, with 89 LNG carriers joining the fleet by the end of 2025. This trend will continue, with 94 and 92 LNG carriers scheduled to be delivered in 2026 and 2027, respectively. High deliveries will keep the fleet inflated until 2027, with some easing thereafter, reports Drewry. New orders will remain low in 2025-26, following the highs of 2023-24. However, more orders are expected to follow from 2027, as extensive pre-FID capacities spur vessel demand. Drewry expects the new momentum of ordering to rise from 2027, as planned capacities will require additional vessels. Meanwhile, about 170 mtpa of under-construction capacity will also become available by 2027, absorbing the ongoing vessel surplus and necessitating vessel demand for capacities scheduled post-2027. According to Drewry’s orderbook, about 75% of the LNG carrier orders are on long-term charter, with some structurally open. As the nature of LNG shipping is long-term contracting, it will also keep the momentum going for new orders, especially when new LNG carriers (on order) will start serving LNG projects that are under construction and generating orders for vessels that will cater to the over 200 mtpa of planned capacities (uncontracted). According to Drewry’s vessel demand model, between 150 and 250 LNG carriers will be required by 2030 under base-case and high-case scenarios. Moreover, Venture Global could boost the new order tally in 2025, and possibly in 2026, with most planned capacities reaching FID in subsequent years, with the recent one, CP2 LNG (20 mtpa), securing FID in July 2025. The company is discussing with South Korean shipyards (HD Hyundai Heavy Industries, Hanwha Ocean, and Samsung Heavy Industries) to order up to 12 LNG carriers in 2025-26. With vessel surplus and weaker earnings, owners with older tonnage are forced to go for conversions or demolitions, as idling will prove costly and lay-ups will be inefficient. This is expected to provoke a surge in scrapping from 2025, with demolitions peaking by 2028. Additionally, the declining demolition age and increasing environmental scrutiny will challenge the status quo of current steam carriers. Already, a record number of LNG (source: Drewry Maritime Research) (source: Drewry Maritime Research) * 32 LNGCs delivered as of end-June 2025, as per the orderbook Vessel deliveries (count) LNGCs Vessel deliveries (kcbm) kcbm Average deliveries (kcbm) LNGCs kcbm 35 30 25 20 15 10 5 0 1H20 No. of LNGCs kcbm 100 90 80 70 60 50 40 30 20 10 0 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2025*20262027202820292030+ 1H211H221H231H241H25 6,000 5,000 4,000 3,000 2,000 1,000 0 DELIVERIES ON HISTORIC RISE, SURPASSING THE AVERAGE OF THE LAST FIVE YEARS DELIVERIES ON RECORD HIGH, AND WILL REMAIN TILL 2027 Next >