LNG Carrier Demand Surges as US Leads Project Growth Amid Qatar Capacity Loss
The demand for liquefied natural gas (LNG) carriers is expected to surge over the next decade, driven by a surge in final investment decisions for new export terminals led by the US. According to Gaztransport & Technigaz SA (GTT), LNG carrier gas-containment system design orders are set to reach about 550 vessels between 2026 and 2035, up from an earlier estimate of over 450.
This upward revision comes as Qatar's second-largest LNG exporter has substantial capacity offline due to Iranian attacks in March 2026 that damaged facilities at Ras Laffan, knocking out around 17% of Qatar's LNG export capacity (12.8 mtpa) for an estimated three to five years with associated revenue losses around $20 billion annually.
Global LNG trade hit a record 437 million tonnes in 2025, with the US being the largest exporter at 110.7 million tonnes. The US, Qatar, and Australia together accounted for roughly 63% of global exports. New supply is ramping up in the Atlantic Basin, particularly on the US Gulf Coast.
GTT CEO François Michel noted there are 'no signs' of a slowdown in investment in LNG even amid Middle East conflict. South Korean shipyards dominate the LNG carrier orderbook (roughly 70-75% share), led by Hyundai Heavy Industries and Samsung Heavy Industries. The global orderbook exceeds 400 vessels, with deliveries peaking in the late 2020s.