According to the latest data, a large number of new LPG carriers will be put on the market after 2024, which has caused industry insiders to express concern about the future. But Belgian shipowner Exmar says this will not be a problem.
Exmar said in its recent 2021 results that last year was a very volatile year for the market, the market welcomed 21 new VLGC vessels in 2021, bringing the total number of vessels in market to 339, with another 78 vessels coming on the market by 2024.
Exmar says most of new vessels are LPG fueled and will be able to comply with new IMO emissions regulations in 2023.
"This fleet growth is necessary to support Asia's current global economic growth. We expect 13 PDH facilities to come online in 2022, and China will import up to 7 million tons of additional LPG over the next few years." As these PDH factories come online, China is expected to import not less than 27 million tons of LPG annually.
Exmar also think LPG demand having a positive impact on the MGC in 2021, and cargo transport in the future is equally positive. While the global MGC fleet will reach a record high, the corresponding capacity growth is expected to meet the growing demand for LPG shipments.
Exmar said in its recent 2021 results that last year was a very volatile year for the market, the market welcomed 21 new VLGC vessels in 2021, bringing the total number of vessels in market to 339, with another 78 vessels coming on the market by 2024.
Exmar says most of new vessels are LPG fueled and will be able to comply with new IMO emissions regulations in 2023.
"This fleet growth is necessary to support Asia's current global economic growth. We expect 13 PDH facilities to come online in 2022, and China will import up to 7 million tons of additional LPG over the next few years." As these PDH factories come online, China is expected to import not less than 27 million tons of LPG annually.
Exmar also think LPG demand having a positive impact on the MGC in 2021, and cargo transport in the future is equally positive. While the global MGC fleet will reach a record high, the corresponding capacity growth is expected to meet the growing demand for LPG shipments.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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