Market Insight | Week 12

As the shipping industry accelerates its transition towards greener practices, in line with the respective maritime regulations, LNG has emerged as a leading alternative to conventional marine fuels, adopted by an increasing number of shipping groups. This trend is reflected in the increasing number of LNG-capable vessels, which are steadily gaining an expanding share of the global fleet. More specifically, as of March 2025, there are 1,329 vessels capable of using LNG as fuel, with a total carrying capacity of 110 m gt, representing a 24% y-o-y increase in gross tonnage. Comparatively, in 2020, only 558 such vessels existed, amounting to 43.3 million gt. The orderbook presents similar dynamics, currently comprising 1,037 vessels totaling 106 m gt, marking a 30% y-o-y increase. The number of LNG capable vessels increases steadily over the last years, standing currently at 6.56% of the global fleet and the same applies for new orders, reading 37.79% of the global orderbook.
The rise in LNG adoption as marine fuel, has also driven demand for LNG bunkering vessels and port infrastructure, supporting the growth of this niche market. The fleet of LNG bunkering units engaged in ship-to-ship fueling has expanded, reaching 32 vessels as of 2025, when in 2022 counted only 18 units. The fleet’s combined capacity equals to 263,201 cbm, more than doubling since 2022, with projections indicating a further tonnage increase of 6% in 2025 and a robust 18% in 2026. The average age of the vessels is 6 years, with most units built in Chinese and South Korean yards. Ownership is concentrated in East Asia and Europe (Japan, S. Korea, Spain).
The orderbook of the LNG bunkering vessels is robust, underlining the estimations for fleet’s expansion. February 2025 saw an influx of 8 newbuilding orders totaling 137,900 cbm, bringing the overall orderbook to 28 vessels with a combined capacity of 481,400 cbm. The orderbook-to-fleet ratio stands at 183%, implying the strong growth dynamics. Additionally, the average size of newly ordered LNG bunkering vessels has increased to 17,179 cbm, compared to the current average of 8,225 cbm, signaling a shift towards larger units.

Alongside the growth of the LNG bunkering fleet, LNG port infrastructure has expanded considerably. The number of ports equipped with LNG bunkering facilities—featuring storage tanks, LNG distribution pipelines, and advanced safety systems among others—has increased to 201 globally, 60 more than in 2021. Furthermore, an additional 57 ports are expected to be upgraded with LNG bunkering facilities by the end of 2026. As with the broader LNG market, the LNG bunkering sector remains subject to geopolitical developments and price fluctuations. However, the primary driver remains the regulatory push towards decarbonization, compelling shipowners to invest in LNG capable vessels, in an effort to secure cleaner and commercially viable fuel solutions. In the above landscape, it is expected that the LNG bunkering market is poised for substantial expansion in the coming years.