Mitsui OSK Lines (MOL) believes the LNG shipping market will remain in over supply for the next three to five years.
Speaking at the Gastech meeting in Chiba, Japan MOL executive officer Takeshi Hashimoto said the industry is currently suffering a shipping surplus which will maybe continue through to 2020 or 2021.
But in the longer term the company sees LNG trade volumes rising to 450-million tonnes per annum by 2030 with demand growth coming from China, India and Europe.
Hashimoto said that with this growth and the need to gradually replace the older steam turbine driven ships there will be a need for around 100 additional LNG carriers by 2030.
Speaking
