Global orders for liquefied natural gas LNG vessels dropped 56 per cent in the first nine months of 2025, with Drewry Maritime Research forecasting a recovery in 2026, reports Saint Petersburg's Port News.

Only 38 LNG vessels were ordered between January and September, compared with 86 in the same period last year. Drewry attributed the decline to delayed final investment decisions, high newbuild prices, and regulatory uncertainty linked to US Section 301 trade measures and EU environmental rules.

By the end of the third quarter, just 17 LNG carriers had been ordered, down from 73 a year earlier. In contrast, LNG bunker vessels saw stronger demand, with 19 orders placed. Mexico's Amigo LNG ordered two floating LNG units at Dubai Drydocks.

Drewry expects total LNG vessel orders for 2025 to reach about 50, down from 96 last year. The global orderbook stands at 335 vessels, with an orderbook-to-fleet ratio of 41 per cent. The consultancy anticipates further weakening until orders begin to recover in 2026.

Ordering activity showed signs of improvement in the third quarter, with nine LNG carriers ordered, surpassing the eight placed in the first half. Hanwha placed two orders in July and August, marking the first LNG carrier orders in the US since the 1970s. These vessels will be partly built in South Korea and completed and flagged in the US.

The move responds to a Section 301 requirement that 1 per cent of US LNG exports be carried on US-built and -flagged carriers, despite the estimated US$250 million per vessel cost. South Korean yards held 65 per cent of the global LNG orderbook as of September, while Chinese yards held 33 per cent.

No LNG carrier orders have been placed at Chinese shipyards this year, reflecting uncertainty over US trade rules and potential port fees targeting Chinese-built vessels. However, Chinese yards secured 58 per cent of LNG bunker vessel orders.

Drewry expects investments to accelerate from 2026 due to rising LNG project approvals, expanded shipyard capacity, and the need to replace aging fleets. Demand for LNG bunker vessels and small-scale carriers is expected to continue through 2030, driven by growth in LNG-fueled fleets and bunkering infrastructure.

Drewry cautioned that high newbuild costs, regulatory uncertainty, and the IMO's pending Net-Zero Framework may affect the pace of recovery. Drewry Maritime Research is part of the UK-based Drewry Group, which provides market analysis and advisory services across shipping sectors.