In 2022, global LNG imports reached 389.2 MT, an increase of 16.9 MT compared with the previous year. European buyers had to turn to the LNG market to replace pipeline supplies from Russia, which shifted global LNG trade flows, while Asian countries turned to alternative energy sources at the expense of LNG. The annual growth rate reached 4.5%, with Europe absorbing most of the supply increase.
Floating Storage Regasification Unit (FSRU) is an increasingly important means of storing and regasifying LNG. According to GIICNL, as of 2022, 45 markets imported LNG volumes from 20 exporting countries. 2022 was a record year for long-term LNG contracting, with more than 81 MTPA of new contracts signed during the year. Most volumes have been contracted in significant part by Asian buyers.
The total LNG tanker fleet consisted of 734 vessels at the end of 2022. It included 49 FSRUs and 70 vessels (43 LNGBVs + 27 Small Scale LNG carriers) of equal or less than 30,000 cubic meters. Total FSRU cargo capacity at the end of 2022 stood at around 7.3 million cubic meters.
The orderbook comprised 5 FSRUs including 4 scheduled for 2023 delivery.
Development and Commercialisation of FSRUs in Asia
Source: GIIGNL
FSRU Global: Market Overview
The International Energy Agency (IEA) predicts that the final energy consumption grows on average by 1% per year between 2020 and 2050, with electricity and natural gas meeting most of the increase.
The demand for LNG has raise due to the deployment of FSRU, specifically in Asia and Europe, and fulfils the need for supplying natural gas to improve the efficiency of power generation projects across the world.
Source: IAE
LNGs are at Global Play
Source: Shell
Asia's Involvement
Most of the contracts went to South Korean shipbuilders, with Chinese makers receiving a portion as well, boosting Shipyards in Asia as they play an important role in building these FSRUs.
Source: Oedigital, Hellenic Shipping News, Nikkei Asia
Global Floating Storage Regasification Unit (FSRU) Market Outlook to 2028
The FSRU market growth rate is directly dependent on LNG market growth and is expected increase from 85 MTPA to 2030 with a CAGR of 13.88%
The global LNG market increased by almost four times in the last twenty years. The volume of natural gas processed into LNG increased by 140.47 billion cubic meters in 2000 to 516.2 billion cubic meters in 2021. During the same period, the percentage of natural gas traded as LNG doubled. It increased from 5.85% in 2000 to 12.8% in 2021.
Source: BlackRidge Research & Consulting, Market Research Future
Welcome to FSRU Asia Summit.
Now, Be YOU.
At RX’s FSRU ASIA Summit, everyone belongs. We cultivate a culture of inclusion at all our events, where the very things that make each of us unique are celebrated. Our exhibitors, attendees, partners and event colleagues are people from a wide variety of backgrounds, who make our
shows stronger and our collective experience richer. Now, be YOU.