Forecast: Demand for about 550 LNG carriers through 2035

French membrane containment technology supplier GTT said it continues to see strong fundamentals supporting LNG shipping and infrastructure investment. (Image: GTT)

GTT expects the global market to order approximately 550 LNG carriers between 2026 and 2035, citing rising long-term LNG demand, continued investment in export capacity and expanding shipyard construction capability despite ongoing geopolitical disruptions.

The forecast was included in the company’s first-half 2026 results presentation, where the French membrane containment technology supplier said it continues to see strong fundamentals supporting LNG shipping and infrastructure investment. GTT also projects demand for 25-40 very large ethane carriers (VLECs/ULECs), up to 10 floating storage and regasification units (FSRUs), up to 10 floating LNG (FLNG) facilities and approximately 30 onshore LNG storage tanks during the same period.

The long-term outlook comes as GTT reported 65 new orders during the first half of 2026, including 56 LNG carriers, lifting its core order book to 306 units valued at approximately €1.9 billion.

LNG demand outlook revised upward

According to GTT, long-term LNG demand forecasts published by Shell and Wood Mackenzie have both increased since early 2025, with demand expected to grow at roughly a 5% compound annual rate through 2035 under central-case scenarios.

The company expects approximately 80% of future LNG demand growth to come from Asia, while growing energy requirements in the Middle East and North Africa and Europe’s continuing focus on energy security are also expected to support LNG imports.

GTT argues that recent disruptions in the Middle East have not materially changed those long-term fundamentals. While damage to regional LNG infrastructure temporarily reduced available supply and increased spot prices, the company said long-term contracted LNG prices have remained relatively stable and project development continues.

New liquefaction projects continue to move forward

The presentation highlights continued momentum in final investment decisions (FIDs) for LNG export projects.

Following 84 million tonnes per annum (Mtpa) of liquefaction capacity approved in 2025, another 37 Mtpa has reached FID during 2026, including approximately 21 Mtpa in the United States through projects such as Venture Global’s CP2 Phase 2, Commonwealth LNG and Delfin FLNG 1. GTT also identified numerous projects that could reach FID during 2026 and 2027, including Texas LNG, LNG Canada Phase 2 and additional Delfin FLNG capacity.

For the rotating equipment sector, continued LNG project approvals represent sustained demand for refrigeration compressors, boil-off gas compressors, gas turbines, electric motors and associated auxiliary equipment used throughout liquefaction and export facilities.

Shipyard capacity continues to expand

To meet anticipated vessel demand, GTT expects Korean and Chinese shipyards to continue increasing LNG carrier construction capacity.

The company estimates annual LNG carrier building slots have expanded from roughly 55 in 2020 to about 90 in 2026 and could exceed 100 by 2028. China continues adding new construction docks while Korean shipyards remain focused on LNG carrier production. GTT also said it is working with additional countries interested in establishing LNG carrier construction or maintenance capability.

Technology developments

Beyond market growth, GTT highlighted several technology milestones that could influence future vessel designs.

The company has secured its first four orders for a new three-tank LNG carrier configuration developed with BW LNG and HD Korea Shipbuilding & Offshore Engineering. The 177,000-m³ design maintains the external dimensions of a conventional 174,000-m³ LNG carrier while reducing boil-off rates through a more efficient cargo-to-insulation ratio and simplifying maintenance. Deliveries are scheduled to begin in late 2028.

GTT also noted that its first U.S.-based FLNG project, Delfin FLNG 1, is progressing toward delivery in 2030 and that the second Delfin unit has entered limited notice to proceed.

For the first half of 2026, GTT reported revenue of €387 million and EBITDA of €264 million while recording one of its strongest order periods in recent years.

The company reaffirmed its full-year guidance and said its order book provides strong visibility through 2029.