LNG Tanker Orders Pick Up Despite Shipping Uncertainty Maritime Activity Reports, Inc. April 27, 2026 © moofushi / Adobe Stock Global orders to build liquefied natural gas carriers (LNGC) are set to rebound this year after a 2025 slump as growing LNG output and vessel fuel efficiency drive demand, industry executives and analysts say. The rise in orders is offsetting concerns that supply disruptions from the U.S.-Iran war may reduce near-term shipping demand and pressure freight rates. Since late last year, shipbuilders in South Korea and China have received more orders, with 35 new LNGC builds contracted in the first quarter, according to consultancies Poten & Partners and Drewry. By comparison, 37 LNGCs were ordered in all of 2025, with a record 171 orders placed in 2022, Drewry data shows. Each tanker costs $250 million-$260 million, and takes over three years to build. Upcoming LNG production in the U.S., Africa, Canada and Argentina will generate tanker demand, along with a push towards fuel efficiency and accelerated vessel demolitions, said Pratiksha Negi, Drewry's lead analyst for LNG shipping, with steam turbine and diesel-electric carriers expected to be phased out. Flexible U.S. Volumes The global LNGC fleet numbers over 700 vessels, which handle the more than 400 million tons per annum (mtpa) of LNG supply Some 72 mtpa of new LNG capacity was approved globally last year, and more than 120 mtpa of new U.S. LNG supply is coming to market in the next 3-4 years, said Fraser Carson, principal analyst, global LNG at Wood Mackenzie. The growth of U.S. LNG and flexible LNG supply creates trading patterns that require more shipping, he said. U.S. LNG is typically sold on a free-on-board basis with destination flexibility, allowing mid-voyage diversions that can tie up vessels for longer. Japan's Mitsui O.S.K. Lines 9104.T, the world's largest LNGC fleet owner with 107 vessels, expects U.S. LNG supply investment to spur tanker orders, CEO Jotaro Tamura said. T