International sources predicted in 1995 that LNG trade would double by 2010, with the Far East accounting for about 60% of the trade. Being close to these forecasts today, we see an increased drive for the construction of advanced LNG ships. DNV is preferred among the top three of the classification companies.

More than 50 new LNG vessels were on order at Far Eastern yards in September 2001, ranging from 135,000 to 145,000 cu.m., with cargo containment system of either membrane or spherical tank type.

Given the capacity available for building LNG ships at Far East yards, coupled with an increased gas trade, the challenge for other yards may be to start building expertise and know-how for construction of LNG vessels. Joint ventures may take place between such yards and those already possessing the knowledge.

DNVs share of the newbuildings ordered is among the top three of the classification societies. Our competence and technology in design and construction of gas ships is well known in the industry. We are in the process of renewing and improving technology expertise and know-how through various research and development activities into natural gas transportation. This research may result in completely new concepts for gas transportation in the future.