The International Group of Liquefied Natural Gas Importers (GIIGNL) released their GIIGNL 2017 LNG Industry Report yesterday.
In 2016, global LNG trade reached 263.2 MT, compared with 245.2 MT in 2015 (+18 MT). 19 countries exported LNG to 39 importing countries. 4 new countries joined the ranks of LNG importers during the year and 11 new regasification terminals were commissioned, with 5 terminals based on floating solutions. The shipping fleet reached 478 vessels at the end of the year according to the GIIGNL 2017 LNG Industry Report.
The combined new liquefaction capacity of 36 MT worldwide starting up in the course of the year added 18MT of actual new supply in 2016 mostly from new Australian projects. The Pacific Basin was in the top position among producing regions with 45% of global supply, followed by the Middle-East (35.5%) and the Atlantic Basin (19.5%).
In the Atlantic Basin, declines in Algeria, Nigeria and Trinidad were offset by the restart of production in Angola and Egypt and by the start-up of Sabine Pass Train 1 and 2 in the United States.
Chinese LNG imports experienced a rally in 2016, with 36.9% growth. Indian imports also jumped (+30%), confirming the country’s rank of 4th largest LNG buyer worldwide.
Emerging importers recorded strong gains in 2016. Growth was led by Egypt, who almost recorded a threefold increase in LNG imports compared to 2015 via spot and short-term imports.
Demand in markets such as Japan, South Korea and Europe remained sluggish. In Japan, LNG imports declined for the second year in a row to 83.3 MT (-1.7 MT).
The share of “pure” spot trades, defined by GIIGNL as trades whereby cargoes are delivered within 3 months from the transaction date, was estimated for 2016 at approximately 18% of total LNG volumes, up from a share of about 15% in 2015.
Download the GIIGNL 2017 LNG Industry Report in PDF format here.
GIIGNL is a non-profit organization whose objective is to promote the development of activities related to LNG: purchasing, importing, processing, transportation, handling, re-gasification and its various uses.
The Group constitutes a forum for exchange of information and experience among its 78 members to enhance safety, reliability and efficiency of LNG imports activities and the operation.