No new FSRUs (Floating Storage and Regasification Units) have been delivered to the fleet since Nov-21 and the next newbuild is not scheduled for delivery until mid-2026, but conversions and relocations to Egypt are keeping the market busy.
The European scramble for LNG to replace lost pipeline gas from Russia following the invasion of Ukraine simultaneously rescued and set back the FSRU market. European markets quickly absorbed surplus FSRUs that had in many cases previously been trading as conventional LNGCs, but the hike in global gas prices stopped many potential projects elsewhere in the world dead in their tracks.
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