Global LNG Projects Hit Record 174, Signaling Boom Through 2032 as Demand Reaches 90-110 Ships Annually

According to DS Investment Securities, global liquefied natural gas projects reached a record 174 as of Q2 2026, with 53 under construction, 27 in basic design, and 94 in proposal phase. The boom in LNG carrier orders is expected to extend at least through 2032, driven by new project development and replacement of aging vessels.

DS Investment Securities estimates annual demand for 90 to 110 LNG carriers through 2032, accounting for new final investment decisions expected in 2026-2027. Currently, approximately 120 steam turbine-type LNG ships have exceeded 20 years of service age, with 10-20 replacement vessels needed annually over the next five years. South Korea's three major shipbuilders—Hyundai Heavy Industries, Samsung Heavy Industries, and Hanwha Ocean—secured $15.26 billion in merchant ship orders in the first half of 2026, positioning them to exceed full-year targets.