LNG shipping in 2026: LNG shipping on a ‘road to recovery’, but 2026 marks just the beginning in International Shipping News 26/01/2026 Drewry expects LNG shipping rates to improve in 2026, driven by demand acceleration and LNG supply expansion. However, a significant rebound is still unlikely, as fleet expansion continues to outpace liquefaction build-up. This is highlighted in the 2026 schedule: over 65% of annual deliveries are scheduled for 1H26, while 60% of new supply is expected in 2H26. Although 2026 appears to mark the start of recovery, rising geopolitical tensions in the West have heightened uncertainty and could undermine expectations for this year. Rates to revive, but rather cautiously, as geopolitical factors and Asian demand could be the wildcards We expect LNG shipping rates to recover this year from the multi-year lows recorded in 2025 (with TFDE rates averaged $25,000pd in 2025, down 37% YoY, and XDF/MEGI rates averaged $40,500pd, down 25% YoY). Meanwhile, the chances for a strong rebound remain slim, as 100+ LNGCs are scheduled for delivery in 2026, following 76 deliveries in 2025, signalling persistent oversupply. LNG trade: Demand will rise, but supply expansion will outpace the demand growth • Supply growth: About 43 mtpa of new liquefaction capacity is expected to be added in 2026, with some mega projects, including Qatar’s North Field Expansion (16.5 mtpa), Golden Pass T1 (6 mtpa), Corpus Christi Phase-3 and Block2-7 (8.6 mtpa), hitting the market. However, 60% of the upcoming supply is expected to become available in 2H26. Global LNG supply will improve on the back of new production additions (40 mtpa) from 2025, which will ramp up their export intensity. • Trade recalibration: The demand outlook is bright for Europe, with robust imports expected this year as the continent is likely to end the 2025-26 winter with less than 30% of storage, supporting demand. However, Europe’s quest to implement further structural changes in its energy sourcing (backed by new supply deals and regasification expansion) will be the main driver of imports in 2026. • Asian demand is set to rise, along with China’s improved demand: Asian demand is anticipated to improve, supported by new supply volumes, higher gas demand, and lower LNG prices. Meanwhile, China’s imports are likely to revive, not due to lower pipeline supply or reduced domestic supply, but to the maxing out of key supply sources that capped China’s LNG demand in 2025. With domestic production already meeting targets for 2025-26 and pipeline supply via PoS 1 operating at full capacity, we expect China’s growing demand to be met through spot buying (which remained subdued in 2025), while new contractual supply is set to commence in 2026. Figure 1: 2025 vs 2026 Source: Drewry Maritime Research The fleet expansion will continue; new orders and demolitions to surge About 100 vessels (including 85 LNGCs) are scheduled to be delivered in 2026. In 2025, 81 vessels were delivered, including 76 LNGCs, with a 25% slippage rate, as several deliveries were deferred due to weaker earnings and project delays. The current orderbook stands at 334 vessels (282 LNGCs, 41 LNGBVs, four FSRUs and seven FLNGs), with an orderbook-to-fleet ratio at 40%. We expect the orderbook to be stable in 2026, as recovery in new orders will balance the heavy scheduled deliveries during the year. We expect ordering to rebound in 2026 with a slew of project-linked vessels in the pipeline. The major themes l