Issuing agency: China Association of the National Shipbuilding Industry
Column: Statistics
source: https://www.cansi.org.cn/cms/document/17326.html
Shell recently released the 2022 "Liquefied Natural Gas (LNG) Prospects Report". The "Report" points out that more and more countries are recovering from the economic impact of the COVID-19 epidemic, and the demand for LNG from the world's major economies continues to grow. Statistics show that global LNG trade volume reached 380 million tons in 2021, a year-on-year increase of 6%, an increase of more than 5 percentage points.
As countries continue to develop lower-carbon energy systems and pursue net-zero emissions goals, a focus on cleaner natural gas and measures to decarbonize the natural gas industry will help LNG continue to be a reliable, flexible energy source for decades to come.
In terms of supply, in 2021, the top three LNG exports are still Australia, Qatar and the United States. It is particularly worth mentioning that the United States ranked first in the world in LNG export growth last year, with a year-on-year increase of 24 million tons, reaching 73.6 million tons. Experts predict that the United States is expected to surpass Australia to become the world's largest LNG exporter in 2022.
On the demand side, in 2021, China, South Korea and Japan continued to lead the growth of LNG demand. China's LNG imports increased by 12 million tons, reaching 79 million tons, surpassing Japan to become the world's largest LNG importer.
In 2021, China's LNG buyers signed long-term contracts of more than 20 million tons per year. This shows that LNG will continue to play a role in the coal-to-gas transformation of energy use in key industries, and in helping China achieve its 2060 carbon neutrality goal.
The growth in LNG demand and tight supply have exacerbated LNG price fluctuations in 2021. The average LNG price for the year was 8.8 US dollars/million British thermal units, a year-on-year increase of 82%. Among them, European natural gas prices were the most volatile, reaching a record high in October 2021, exceeding 75 euros/MWh, a year-on-year increase of more than 500%.
Overall, global LNG demand is expected to exceed 700 million tons per year by 2040, a 90% increase from 2021 demand. As natural gas production in Asia declines, regional economies grow, and LNG will replace traditional fossil energy, Asian countries such as China, Japan, and South Korea are expected to continue to maintain a stable demand for imported LNG, thereby helping them solve air quality problems and pushing them to achieve carbon emission reduction goals.
(The picture above is the LNG-FSRU "Transporter Power", and the picture below is the rendering of the latest generation "Changheng Series" LNG carrier)
As the world's largest LNG importer, China's huge market scale advantage has helped my country's offshore LNG industry chain equipment level continue to improve.
In 2021, my country's first 174,000 cubic meter floating liquefied natural gas storage and regasification unit (LNG-FSRU) and the world's largest 20,000 cubic meter LNG transport and bunkering ship were successfully delivered.
In January 2022, the world's latest generation "Changheng Series" 174,000 LNG carriers jointly developed by Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. and the French GTT Company were recognized by Japan's Mitsui Lines Co., Ltd., and a construction contract for 6 ships was signed. This is the order with the largest number (6 ships) and the largest contract value (7.5 billion yuan) of a Chinese shipbuilding company in the field of LNG carrier construction.
(Source: Shell's 2022 "Liquefied Natural Gas Prospect Report", WeChat public accounts of various companies, compiled by China Shipping Association)