Oman state-controlled shipowner Asyad Shipping has invited offers on a 19-year-old steam turbine LNG carrier, adding to the sales roster of elderly vessels in this sector.
Brokers said the 147,384-cbm, Moss-type Ibri LNG (built 2006) could attract an offer for conversion or use on a localised regional trade.
They identify the Japanese-built carrier as one of the larger and younger ships in the steam turbine LNG fleet of about 200 vessels.
Being a Moss-type ship, with its larger size and cargo sloshing-proof tanks, might make the Ibri LNG a candidate for a storage unit.
One broker following the vessel closely hinted that Asyad might not be interested in demolition offers.
Kpler tracking data shows the Ibri LNG was largely trading between east Malaysia and Japan in 2024 but is in ballast off the western Malaysian coast. Clarksons’ Shipping Intelligence Network lists it as “idle”.
Three brokerages are understood to be handling the sale.
Asyad owns seven LNG carriers — six steam turbine vessels and one diesel-electric unit.
The oldest in its LNG fleet is the 137,248-cbm Sohar LNG (ex-Lakshmi, built 2001).
In late 2022, Asyad contracted two 174,000-cbm, two-stroke LNG carrier newbuildings at HD Hyundai Samho priced at about $250m each.
They are due for delivery in the first half of 2026.
Asyad chief executive Ibrahim Al Nadhairi has been contacted for comment on the Ibri LNG.
Groundswell
There has been a groundswell of LNG steam turbine LNG carriers being put up for sale in the past 12 months, along with a smattering of dual-fuel diesel-electric vessels and modern two-stroke ships.
LNG brokers are now quoting upwards of 60 LNG carriers as being open to sale.
Late last year, the figure was closing on 50 but with some of the ships being circulated more privately.
With the start of a new year, it appears owners are taking a closer look at some of their ageing LNG carriers and their likely future in the trading arena.
While the LNG chartering market has begun inching back into life for the start of 2025, particularly as cold weather took hold in Europe and Asia, the normally busy winter season for LNG carriers has proved dismal with spot charter rates for steamships at well below operating expenses.
This has forced some owners to idle their vessels.
In the past few days, brokers were pegging spot rates for steamships at below $10,000 per day.
There is also a slew of steamers, which have or are expected, to be redelivered from long-term charter contracts.
With a weak, or at best fluctuating, demand for LNG carriers expected to prevail in 2025, in the absence of much new liquefaction capacity coming on stream, market players are anticipating that this could be the year when some of these less-efficient steamships are sent for demolition or redeployed for project work.
In 2024, eight LNG steamers were sent for scrap in what proved to be a record year for the sector.(Copyright)
