The recent tightening of global LNG availability has sparked a surge in demand for older LNG carriers, with seven large vessels built between 2005 and 2006 changing hands since the disruption in the Strait of Hormuz.
Shift in Ownership
A notable trend has emerged in these transactions, with buyers often listed as unknown Chinese entities, while several ships have been reflagged to Russia.
Examples of Sales
- The Methane Rita Andrea, a 145,000 cu m vessel built in 2006, was sold to Chinese-linked Rising Universe Shipping and has been renamed Grand Reach.
- Four LNG carriers previously managed by Oman Ship Management have been reflagged to Russia and renamed Orion, Kosmos, Merkuriy, and Luch.
Russia is continuing to market sanctioned LNG cargoes at steep discounts to attract buyers, indicating a potential shift in the global LNG market.