Energy transition in the four major economies in Asia mean CJIK are taking more liquified natural gas. The four imported 207.2 million tonnes of LNG last year, 3 percent plus over 2019, which represents 58% of world's total seaborne trade.

This year, the four users are more aggressive by lifting record LNG shipments to their homes. China made record imports every month by doing 8.5 million tonnes in January, 5.55 million in February, 5.64 million in March, 6.73 million in April and surprising 7.03 million tonnes in May, which make up the total to 31.36 million tonnes in first 5 months, a sharp increase of 31% over 2020 and 32% on top of 2019.

Japan did well and achieved 7% increase YoY in the first 5 months with LNG imports, reaching 33.18 million tonnes. Korea bought 20.03 million tonnes LNG with 8 percent growth, while India catches up with what they did last year, namely 10.14 million tonnes.

Compared with pre-pandemic level, China imported 32% more, Korea added 20%, India increased 14% over 2019, while Japan saw a slight 1% down;

It is interesting that each month the aggregated 4 economies LNG imports beat any individual month in previous years.

Source: Simon Young

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.