After an unprecedented rise in very large LPG carrier supply in recent years, a sharp fall in fresh ordering since the world recession set in means that this fleet is now set for only modest growth. Whereas four years ago, the orderbook for VLGCs (ships of 70,000cbm and above) equated to 47% of the world fleet in cargo-carrying terms, the corresponding figure now is only 8%. Just 11 such ships are currently on order, implying that, // further scrapping of older units ensues, the fleet could even shrink in net terms in the next 2 to 3 years.
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