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GIIGNL Annual Report 2022 Summary

Executive Summary

The 2021 Global Imports of Liquefied Natural Gas (GIIGNL) Annual Report highlights a resilient and dynamic LNG industry amid geopolitical tensions, energy security concerns, and decarbonization pressures. The year was marked by robust growth in imports, particularly in Asia, driven by recovery from the COVID-19 pandemic, increased gas demand, and energy transitions. However, supply constraints and price volatility, exacerbated by the Russia-Ukraine conflict, underscored the need for diversification and sustainability. Key developments include capacity expansions in liquefaction and regasification, a shift towards spot markets, and increased focus on reducing methane emissions. The report emphasizes the role of LNG in addressing global energy challenges while promoting safety and efficiency.

Key Highlights

• LNG Imports: Global imports reached 372.3 million tons (MT) in 2021, a 4.5% increase from 2020, with Asia accounting for 73% (272.5 million MT) of demand, led by China (79.27 million MT) and Japan (74.35 million MT).
• Spot Market Growth: Spot and short-term LNG volumes increased significantly, reaching 31 billion cubic meters (BCM), up from 25 BCM in 2020, driven by price volatility and supply disruptions.
• Shipping Fleet: The global LNG tanker fleet grew to 700 vessels, with an orderbook of 196 units, reflecting strong demand for vessel deliveries in 2021-2022.
• Geopolitical Impact: The Russia-Ukraine conflict in February 2022 intensified energy security concerns, pushing LNG to the forefront of energy strategies and increasing long-term contract volumes.
• Decarbonization: GIIGNL reinforced its commitment to reducing methane emissions, publishing a framework for monitoring and offsetting GHG emissions, with 36.6% of 2021 trade classified as spot or short-term, up from 31.2% in 2020.
• Capacity Expansion: New liquefaction capacity of 7.4 MTPA was added, while regasification capacity grew by 5 MTPA, enhancing global infrastructure resilience.

Key Figures 2021

• LNG Imports: 372.3 MT, +4.5% YoY
• Global Regasification Capacity: 993 MTPA
• Shipping Fleet Capacity: 104.1 million cubic meters
• Volume Weighted Average Duration of Contracts: 15.4 years
• Spot Market Share: 36.6% of total trade, an increase from 31.2%
• New FSRUs/Trains: 4 FSRUs, 2 liquefaction projects, and 5 regasification expansions commissioned

Regional Breakdown

• Asia: Dominated imports, with China and Japan as top markets; demand growth driven by coal-to-gas switching and economic recovery.
• Europe: Faced storage challenges; imports decreased by 8% due to winter storage levels and high prices, highlighting vulnerabilities.
• Americas: Strong growth in the U.S., with LNG exports to Brazil and the Caribbean increasing due to new infrastructure.
• Pacific vs. Atlantic Basin: Supply gap narrowed from 28.8 MT in 2020 to 8.6 MT in 2021, with Pacific Basin remaining a key supplier.

Infrastructure and Market Dynamics

• Liquefaction/Regasification: Expansion programs in China, Qatar, and the U.S. added significant capacity, with ongoing projects targeting further growth by 2025.
• Retail LNG: Grew in demand, particularly for bunkering and small-scale applications, supported by FSRUs and truck loading facilities.
• Decarbonization Initiatives: Focus on methane abatement and carbon offsetting, with GIIGNL leading industry frameworks.

Future Outlook

The industry outlook points to continued growth in Asia and Europe, increased investment in green LNG, and the need for flexible supply chains. LNG is positioned as a bridge fuel to support energy security and decarbonization goals.

About GIIGNL

GIIGNL, with 84 members from 27 countries, promotes safety, efficiency, and sustainability in LNG operations. Its 2022 focus includes monitoring market shifts and advancing GHG reduction strategies.