A 9.5% increase in the LNG carrier fleet is projected by the end of 2024, with a driving order book to fleet ratio of 54.4%.

According to shipping brokerage Intermodal, a total of seven LNG Carriers are expected to be delivered next month. And if all the projected deliveries take place, we will witness the highest annual deliveries, which will total a record 73.

“In June, spot freight rates for LNG Carriers showed a steady increase, reaching their highest levels since early January, due to the lack of warm weather in South and Southeast Asia, which has boosted stered demand for spot cargoes,” Intermodal analysts say.

More specifically, the 174,000 CBM-capable LNG spot rate averaged $63,000 per day in June, representing a 24.2% month-over-month increase, although it is 21.7% lower compared to the June 2023 rate.

The one-year time charter (TC) rate for the 175K CBM vessels also saw a month-over-month increase, albeit to a lesser extent, averaging $84,000 per day in June, up $4,000 per day month-over-month but 50% below the annual rate.

Looking ahead, it is expected that the onset of the monsoon season will reduce demand in South Asia, with lower Chinese demand due to high prices and increased hydropower generation.

Conversely, higher than normal summer temperatures in Japan may provide some support to the market.