The LPG market has been through a depressed period in recent years, but has finally started to show signs of resurgence. Underpinning the growth has been the increased production of both crude oil and LNG. Increased oil and natural gas prices pushed LPG prices to record highs during 2004.
There are many new LPG production projects currently under construction,such as in Angola, Egypt and Norway with larger-scale production expansion in Nigeria and Qatar.
Demand for LPG has been steadily rising for the past decade and is forecast to continue with economic growth in the main consuming nations, such as the US, China and Japan.
To facilitate the new supply and demand the LPG fleet is about to undergo a major transition. The current order book equates to approximately 24% of the current fleet capacity. However, 33% of the fleet is over 20 years of age. Therefore, the LPG fleet will undergo a large newbuilding programme to replace existing ageing vessels as well as building additional vessels for the increased trade prospects.
LPG Carriers: Market Prospects to 2015 examines the outlook for all aspects of the LPG carrier market throughout the period to 2015, through detailed analysis of recent/current developments and extensive future forecasts.
Included in LPG Carriers: Market Prospects to 2015 are detailed analyses and forecasts in the areas of: Trade volumes and patterns;
Fleet development, including newbuilding and scrapping prospects;
Vessel operating costs;
Vessel freight rates;
Vessel demand and supply;
Vessel profitability.
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