2025 is a milestone year for the LNG shipbuilding industry, with Drewry recording a significant decline in new orders for LNG carriers.
Although the market is in an adjustment phase after two years of rapid growth, a resurgence in activity is expected after 2026.
According to the latest analysis by Drewry Maritime Research, only 38 new orders were recorded in the first nine months of 2025, compared to 86 in the same period in 2024, which corresponds to a 56% drop.
The orderbook-to-fleet ratio – that is, the ratio of orders to the existing fleet – continued to weaken, due to both the increased rate of deliveries and the reluctance of shipowners towards new investments.
As Pratiksha Negi, chief LNG Shipping analyst at Drewry, explained, by the end of the third quarter only 17 LNG carrier orders had been recorded, compared to 73 last year.
In contrast, LNG bunker vessels (LNGBVs) have attracted market interest, with 19 ships ordered so far in 2025, while two floating liquefaction units (FLNGs) were ordered by Mexico’s Amigo LNG from Dubai Drydocks.
Drewry estimates that by the end of the year around 50 new orders will have been recorded, compared to 96 in 2024.
The current orderbook numbers 335 vessels – of which 289 LNGCs, 37 LNGBVs, 4 FSRUs and 5 FLNGs – with an orderbook/fleet ratio of 41%. In addition, further “deflation” of the orderbook is forecast until the market recovers, which Drewry places in time from 2026 onwards.
Signs of recovery
However, despite the general downturn since the beginning of the year, the third quarter of 2025 saw a partial recovery in LNGC orders, with nine new agreements, compared to eight in the first half.
This quarter also saw an increase in the number of LNGBVs (+5) and FLNGs (+2).
A development that caused particular interest was Hanwha’s unexpected move to order two LNG carriers for its own use, the first to be built in the US since the 1970s.
Although the main part of the shipbuilding will be done in South Korea, the final assembly and registration will take place at the Philly Shipyard in the US.
