Published on : Sep 27, 2016
ALBANY, New York, September 27, 2016: The report, titled “Global LNG Tanker Market”, featured on ResearchMoz.us highlights how the market is reliant on the price fluctuation in the global oil industry and the respective crude oil and natural gas. Tracking down the recent surge in crude oil prices globally, the report forecasts that LNG tanker market is to expand at a steady CAGR of 6.21% during the period of 2016-2020.
Liquefied Natural Gas (LNG) plays a vital role in any nation’s economic as well as environmental stability. This report, prepared after in-depth market research and inputs from industry experts, outlines the most important aspects of Global LNG tanker market. Beginning with an overview of the current scenario globally and top-vendor offerings, the report explores the actual market size at present and future growth prospects.
According to the report, owing to limited natural resources available, increasing need for energy security has emerged as the biggest driver of this market. In past decade, the number of countries importing LNG has more than doubled and the trend is expected to continue in the forthcoming years. There is a limitation of gas pipelines around the world and marine pollution laws are very strict, leaving shipping of LNG the only other option. Spurred by these factors, the application of LNG tankers in transporting Liquefied Natural Gas is expected to increase.
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Conversely, the biggest restraint in LNG tanker market is the diminishing inter basin trade due to price convergence and oversupply in the tanker market. Fukushima nuclear disaster on 11th March 2011 had resulted in increased demand during the year 2012 and LNG tanker companies were able to charge record charter rates with career fleets running at 98% capacity. But now in the year 2016, global LNG tanker utilization has fallen 90%. Moreover, nuclear facilities are taking over in key LNG consumer markets and there is a clear volatility in global utilization and charter rates. These factors are projected to inhibit the market’s trajectory to an extent.
Furthermore, LNG is facing a stiff competition from Compressed Natural Gas (CNG), which is limiting its worldwide reach. LNG can be re-gasified and distributed as pipeline natural gas for household usages and in natural gas vehicles, but that is an expensive process as compared to CNG. LNG have a relatively high cost of production and requires to be stored in expensive cryogenic tanks, preventing its widespread use in commercial applications.
The report studies the impact of both drivers and restraints in detail. It also highlights the different stages in typical petroleum & natural gas value chain.
Due to the vast amount of information available on the global LNG tanker market, this report summarizes it to most valuable factors, dividing the market into three segments based on geography; Americas, APAC and EMEA.
The prominent players in LNG tanker market, as per the report are; DSME, NYK Lines, Samsung Heavy Industries, Mitsubishi Heavy Industries, Mitsui OSK Lines, Hundai Heavy Industries and Yamal LNG.
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