In a strategic move reflecting the evolving dynamics of the global liquefied natural gas (LNG) market, Danish shipping firm Celsius Shipping has commissioned a state-of-the-art LNG carrier from South Korea's Samsung Heavy Industries.
The newly ordered vessel boasts a substantial capacity of 180,000 cubic meters and is equipped with advanced dual-fuel propulsion systems, utilizing WinGD engines. This design ensures operational flexibility and compliance with stringent environmental regulations. Upon its anticipated delivery in June 2027, the vessel will commence a long-term charter with Japan's leading energy company, JERA.
This order signifies Celsius Shipping's commitment to strengthening its position in the LNG transportation sector. By aligning with JERA, a prominent player in the global energy market, Celsius not only secures a stable revenue stream but also reinforces its presence in the Asia-Pacific region, a critical hub for LNG consumption.
Samsung Heavy Industries, renowned for its expertise in constructing LNG carriers, continues to solidify its standing in the maritime industry with this contract. This order marks their inaugural LNG carrier project for 2025, underscoring their pivotal role in advancing LNG transportation infrastructure.
The LNG sector has witnessed significant growth over the past decades. From a modest trade volume of 2.6 million tonnes in 1971, the industry expanded to 389.2 million tonnes by 2022, averaging an annual growth rate of approximately 10%.
In 2023, global LNG trade increased by 3.1%, averaging 52.9 billion cubic feet per day, an uptick of 1.6 Bcf/d from the previous year.
The United States has emerged as a pivotal player in the LNG export arena. Since initiating its first export terminal in 2016, the U.S. has consistently augmented its liquefaction capacities. Projections indicate that by the end of 2025, U.S. LNG exports could approach nearly 14 billion cubic feet per day.
Celsius Shipping's latest venture, in collaboration with Samsung Heavy Industries and JERA, exemplifies the strategic initiatives driving the LNG industry's expansion. As global demand for cleaner energy solutions escalates, such partnerships and investments are instrumental in shaping the future landscape of energy transportation.
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