The global LNG vessel fleet expanded 8.4% in 2025 to 804 active units, while the orderbook reached 301 newbuildings, according to the International Gas Union’s World LNG Report 2026.
The fleet total included 49 operational floating storage and regasification units and 11 floating storage units. Deliveries reached 79 vessels during the year, and the orderbook at the end of 2025 was equal to 37.4% of the active fleet by number of units.
Deliveries are scheduled through 2031, with 107 carriers due in 2026 alone. IGU linked the orderbook to expected LNG trade growth from new liquefaction capacity, particularly in the US and Qatar, and to the replacement of older and less efficient tonnage.
The fleet expansion has increased pressure on LNG shipowners. LNG trade voyages fell 2.8% to 6,870 in 2025, as larger vessels reduced the number of voyages needed to move cargoes. Fleet growth outpaced trade growth for much of the year, leaving the market oversupplied.
Charter rates remained weak through most of 2025. Modern two-stroke vessels often earned rates barely covering operating costs, while some steam turbine tonnage traded at or below cash breakeven levels. A short tightening in October and November lifted rates for X-DF and ME-GI vessels above $60,000 per day, with peaks above $100,000 per day.
Global LNG trade rose 6.3% to a record 436.98m tonnes in 2025. The US remained the largest exporter at 110.74m tonnes, followed by Qatar at 81.51m tonnes and Australia at 80.32m tonnes. Europe added 26.1m tonnes of imports to reach 126.2m tonnes. Asia Pacific remained the largest importing region at 168.7m tonnes.
China remained the largest single LNG importer, although its volumes fell by 8.9m tonnes to 69.77m tonnes. All 79 vessels delivered in 2025 had capacities of between 172,600 cbm and 200,000 cbm. QatarEnergy LNG was identified as a driver of the shift towards larger ships, with 24 new 271,000-cbm QC-max vessels ordered from Hudong-Zhonghua Shipbuilding for delivery between 2028 and 2031.
The International Gas Union, founded in 1931, is registered in Vevey, Switzerland, and has its secretariat in London. It represents more than 130 members in over 70 countries.
QatarEnergy LNG is the LNG operating company within Qatar’s state energy sector.