China Needs to Spend $12bn on LNG Ships Through to 2020

China will need up to 60 new liquefied natural gas carriers worth in the region of $12bn between now and 2020 to meet energy goals set out in the Twelfth Five-Year plan, according to a SinoShip LNG White Paper published Tuesday in association with Standard Chartered and Watson, Farley & Williams.

There will be a minimum of four Chinese shipyards building these high spec vessels in the coming years, up from the current one in Hudong-Zhonghua.

The number of terminals in China will jump to 14 from the current five in operation at the moment with a further 10 due for consideration after 2016 depending on demand.

With the global LNG fleet also set to spike the face of LNG shipping will change dramatically with a flourishing spot market for the first time.