Seaborne LNG imports to the EU have grown in size and importance of late, reversing the trend set for the most part of 2021. In a recent note, shipbroker Banchero Costa said that “global seaborne LNG (liquified natural gas) trade has been very disappointing in 2021. Already in 2020 trade slowed down considerably, given the impact from the Covid-19 lockdowns and restrictions. In the 12 months of 2020, total seaborne exports of LNG increased by a very modest +1.5% year-onyear to 362.8 mln tonnes, according to vessel tracking data from Refinitiv. Whilst this still represented an increase from the 2019 figure, the growth rate was significantly slower than the +11.1% increase recorded in 2019 and the +9.1% y-o-y in 2018. In the first 11 month of 2021, things were significantly worse”.

According to the shipbroker “in the period of January to November 2021, global LNG exports actually declined by a massive -9.1% y-o-y to just 299.6 mln tonnes, down from 329.7 mln tonnes in the same period of last year. Nevertheless, these totals mask significant differences in demand from the different importers. In Jan-Nov 2021, LNG imports to Mainland China still managed to increase by a very modest +1.7% yo-y to 59.8 mln tonnes. This is a significant slowdown from previous years, when volumes increased by +10.5% y-o-y in the same period of 2019, and by +14.0% y-o-y in the same period of 2018. Imports to Japan in Jan-Nov 2021 declined by -8.6% y-o-y to 61.1 mln tonnes. Japan remains the top importer of LNG in the world, but it’s margin over China is now wafer thin. Volumes to South Korea increased by +5.2% to 38.0 mln tonnes so far this year. To India they declined by -18.1% y-oy to 19.2 mln tonnes”.

 

Source: hellenicshippingnews