BAKU, Azerbaijan, March 1. European Union’s effective LNG import capacity (taking into account existing market constraints and infrastructure bottlenecks) will increase by at least 40 bcm between the end of 2021 and the end of 2023, Trend reports with reference to the International Energy Agency (IEA).
The agency notes that it will be possible thanks to latest wave of investment in new import infrastructure.
LNG carrier orders reached an all-time high of 165 in 2022, according to data from Refinitiv, which represents a staggering 130 percent increase on 2021. Strong demand and limited capacity at Korean shipyards until 2027 led to steep price increases for new-build LNG vessels (surging to more than USD 250 million by the end of 2022 vs USD 200 million at the end of 2021). This has boosted the presence of Chinese players in the LNG shipbuilding market: Chinese yards received orders for as many as 57 new LNG vessels in 2022, another record and more than a fivefold increase on 2021, according to Refinitiv.
The report reveals that LNG supply growth was relatively modest in 2022 at 5.5 percent, despite an unprecedented rise in LNG demand in Europe following the gradual decline in Russian pipeline gas deliveries throughout the year.
LNG demand trends were dominated by a sharp surge in gross LNG imports into Europe (up 66 bcm), which was balanced by a steep decline in the rest of the world, particularly in Asia.
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