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Global demand for liquefied natural gas carriers is expected to be stronger than previously forecast over the next decade, driven by a surge in final investment decisions for new export terminals in the US and other regions in recent quarters, according to a leading designer of storage tanks.
French engineering firm Gaztransport & Technigaz SA raised its forecast for LNG carrier gas containment system design orders to about 550 over the 2026–2035 period, up from its previous estimate of more than 450, the company said in its first-half earnings statement on Tuesday.
The “main element” for the upward revision is “the strong acceleration of investment in liquefaction capacities, notably in the US,” GTT Chief Executive Officer Francois Michel said in an interview. FIDs were made on 84 million tons per year of new LNG capacity last year, followed by another 37 million tons in the first half of this year. An additional 29 million tons of projects received a limited notice to proceed during the period, he said.
South Korean and Chinese shipyards, as well as companies like GTT, are benefiting from a wave of new LNG export terminal projects from the US to Qatar as Asian gas consumption grows. LNG demand in Europe is also being bolstered by the shift away from Russian pipeline gas, while US President Donald Trump has been advocating for more exports of the fuel to the continent.
“We have no sign of slowdown in investment in LNG,” despite the conflict in the Middle East, said Michel, who was appointed CEO of GTT at the start of the year. The company received 56 orders for new LNG carriers in the first half, taking its backlog for such ships — which account for the bulk of its orders — to 272 units.
The company will soon outline plans to build — rather than just design — turnkey tanks for ships that use LNG as a fuel, as well as new digital offerings that will help carriers optimize routes while limiting gas boil-off, Michel said.
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