20-year-old LNG vessels become hot property

The global LNG shipping market is witnessing a surge in demand for older tonnage, with seven large LNG carriers built between 2005 and 2006 changing hands recently. Driven by geopolitical instability in the Strait of Hormuz and tightening supply chains, Asian buyers are aggressively acquiring these 20-year-old vessels to secure energy security. Chinese interests have emerged as primary purchasers, signaling a strategic shift in fleet composition as global LNG prices climb and traditional supply routes face increasing operational pressure.

Operating two-decade-old LNG carriers requires strict adherence to the IMO’s International Gas Carrier (IGC) Code and SOLAS Chapter II-2 regarding fire protection and detection. Compliance departments must ensure these vessels meet the latest MARPOL Annex VI requirements for energy efficiency, specifically the Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII) ratings. Classification societies are conducting rigorous surveys to verify that aging containment systems and boil-off gas management protocols remain fully compliant with stringent international safety and environmental standards.

This trend directly impacts the daily responsibilities of chief engineers and second engineers tasked with maintaining aging propulsion and cargo handling systems. These officers must prioritize enhanced maintenance schedules for aging reliquefaction plants and insulation integrity. Furthermore, navigating officers must stay updated on evolving regional maritime security protocols near the Strait of Hormuz. Proactive training on legacy system troubleshooting is now essential to ensure these older vessels remain operational and compliant in a high-demand market.