Bigger Japanese carriers such as Mitsui OSK Lines, Nippon Yusen KK, and Kawasaki Kishen Kaisa Ltd. plan to order as many as 90 new LNG tankers ahead of 2020. The orders will be worth approx. USD 17.6 billion in total, according to Reuters.
The development comes in the light of Japan's increasing demand for LNG for the country's electricity production. Countries such as China and South Korea are also experiencing a rising demand for the liquefied natural gas, and the global LNG market is expected to grow to 400 million tonnes in 2020, compared to 250 million tonnes in 2012, according to industry data.