“The Greeks are betting on LNG tankers,” is the title of today's article in the Kölner Stadtanzeiger, which notes that “Greek shipowners currently control 31.3% of the world's oil tanker capacity.”
The Greeks have invested around 18 billion euros in LNG tanker orders until 2021, according to British shipping news agency Vesselsvalue. Greek shipowners currently control almost 25% of the world's LNG capacity and the upward trend continues. In 2023, they ordered 35 new LNG tankers from shipyards in South Korea and China. In the first four months of this year, 24 orders were placed.
At first glance, investment in LNG ships is surprising, since demand for it is in EU decreases. According to the commission, between 2021 and 2023, LNG consumption will decrease from 397 to 319 billion cubic meters. While demand for gas is declining in Europe, it is growing worldwide.
In its latest forecasts, energy giant Shell expects demand for LNG to grow by 50% by 2040. This growth is mainly due to increasing consumption in China. No other country experiences such high demand for LNG. However, demand is also increasing due to India and Southeast Asian countries. Greek shipowners are mainly focusing on these regions when expanding their fleet.
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