Shape of Gas Tanker Fleet with Focus on LPG Carriers
16 March 2025 - Written by ML
1. Introduction
The dataset contains 1,180 gas tankers from Equasis (Equasis Ship Information, 2025), with columns for IMO number, ship name, tonnage, type, build year, and flag. Gross tonnage ranges from 689 to 163,922, and build years span 1970 to 2025.
Equasis uses the S&P Global Markets Intelligence framework to classify vessel types into 14 groups that range from bulk carriers to tugs. But for the purpose of this analysis have focused exclusively on Gas Tankers1.
In addition bins have been added to the data-set to classify LPG tankers by vessel size and age. The vessel size categories are based on gross tonnage (GT) using EQUASIS criteria: vessels with a gross tonnage (GT) of 499 or less are classified as “Small,” those with a GT between 500 and 24,999 are “Medium,” vessels with a GT between 25,000 and 59,999 are “Large,” and those with a GT above 60,000 are considered “Very Large.” Additionally, vessel age is determined by subtracting the year of build from the current year (2025). Age bins are then assigned as follows: vessels less than 5 years old (built since 2020), 5–14 years, 15–24 years, and 25 or more years old. These definitions are applied throughout the report to generate the plots and tables for LPG tanker analysis.
2. Ship Type Analysis
LPG and LNG tankers differ significantly in size and count. LNG tankers average higher tonnage, while LPG tankers dominate in number. Yearly trends show recent growth in both types (see section 7 tables at end).
| Ship Type | Count | Avg Gross Tonnage | Min Gross Tonnage | Max Gross Tonnage | Avg Build Year |
|---|---|---|---|---|---|
| LNG Tanker | 460 | 110463 | 1687 | 163922 | 2016 |
| LPG Tanker | 720 | 20801 | 689 | 61272 | 2012 |
3. LPG Tanker Profile
LPG tankers (n=720) have a mean tonnage of ~20,000 GT. Most fall in the “Medium” (500–24,999 GT) category, with a surge in builds since 2020. Age bins reveal a modern fleet, with many under 15 years old.
| Count | Min | Q1 | Median | Mean | Q3 | Max |
|---|---|---|---|---|---|---|
| 720 | 689 | 4748 | 9713 | 20801 | 44696 | 61272 |
4. Flag Registration Analysis
Liberia leads in LPG vessel count and tonnage, followed by China and Singapore. Recent builds (2020–2025) favor Liberia, while older fleets (6–15 years) show diverse flag usage.
5. Top Flags Deep Dive
The top 12 flags (e.g., Liberia, Panama) show varied age-tonnage profiles. Liberia maintains a balanced fleet across age groups.
6. Conclusion and Insights
The LPG fleet is growing, with a focus on medium and large vessels. Liberia’s dominance suggests strategic registration preferences.
7. Tables
| Year of Build | LPG Count | LPG Tonnage | LNG Count | LNG Tonnage |
|---|---|---|---|---|
| 1970 | 1 | 953 | 0 | 0 |
| 1975 | 1 | 4226 | 0 | 0 |
| 1978 | 2 | 3368 | 0 | 0 |
| 1985 | 1 | 1314 | 0 | 0 |
| 1990 | 4 | 54161 | 0 | 0 |
| 1991 | 3 | 9209 | 0 | 0 |
| 1992 | 5 | 99545 | 0 | 0 |
| 1993 | 5 | 194694 | 1 | 16399 |
| 1994 | 3 | 30419 | 2 | 221790 |
| 1995 | 9 | 79011 | 1 | 110895 |
| 1996 | 13 | 110539 | 1 | 111079 |
| 1997 | 6 | 62568 | 2 | 222289 |
| 1998 | 12 | 78244 | 3 | 268803 |
| 1999 | 10 | 99894 | 2 | 204889 |
| 2000 | 20 | 292603 | 4 | 415534 |
| 2001 | 13 | 53553 | 0 | 0 |
| 2002 | 6 | 86551 | 1 | 94379 |
| 2003 | 13 | 283686 | 5 | 468701 |
| 2004 | 9 | 178544 | 6 | 495237 |
| 2005 | 4 | 143118 | 6 | 574483 |
| 2006 | 15 | 307100 | 18 | 1783408 |
| 2007 | 31 | 383408 | 14 | 1390564 |
| 2008 | 49 | 1052544 | 27 | 3192279 |
| 2009 | 33 | 601893 | 19 | 2299684 |
| 2010 | 25 | 264214 | 15 | 1749935 |
| 2011 | 35 | 253875 | 10 | 1032658 |
| 2012 | 28 | 157386 | 2 | 198791 |
| 2013 | 30 | 471166 | 13 | 1221923 |
| 2014 | 27 | 409281 | 16 | 1650692 |
| 2015 | 39 | 1002552 | 17 | 1815280 |
| 2016 | 55 | 1744719 | 18 | 2052563 |
| 2017 | 39 | 1136216 | 19 | 2209496 |
| 2018 | 14 | 462929 | 35 | 4039768 |
| 2019 | 14 | 335813 | 25 | 3037350 |
| 2020 | 13 | 408794 | 29 | 3274866 |
| 2021 | 22 | 548463 | 44 | 5027565 |
| 2022 | 30 | 935397 | 22 | 2376803 |
| 2023 | 51 | 1750048 | 21 | 2331859 |
| 2024 | 25 | 810761 | 53 | 5900333 |
| 2025 | 5 | 73685 | 9 | 1022566 |
| Total | 720 | 14976444 | 460 | 50812861 |
| year_of_build | small | medium | large | very_large | total |
|---|---|---|---|---|---|
| 1970 | 0 | 1 | 0 | 0 | 1 |
| 1975 | 0 | 1 | 0 | 0 | 1 |
| 1978 | 0 | 2 | 0 | 0 | 2 |
| 1985 | 0 | 1 | 0 | 0 | 1 |
| 1990 | 0 | 3 | 1 | 0 | 4 |
| 1991 | 0 | 3 | 0 | 0 | 3 |
| 1992 | 0 | 3 | 2 | 0 | 5 |
| 1993 | 0 | 1 | 4 | 0 | 5 |
| 1994 | 0 | 3 | 0 | 0 | 3 |
| 1995 | 0 | 8 | 1 | 0 | 9 |
| 1996 | 0 | 11 | 2 | 0 | 13 |
| 1997 | 0 | 5 | 1 | 0 | 6 |
| 1998 | 0 | 12 | 0 | 0 | 12 |
| 1999 | 0 | 9 | 1 | 0 | 10 |
| 2000 | 0 | 17 | 3 | 0 | 20 |
| 2001 | 0 | 13 | 0 | 0 | 13 |
| 2002 | 0 | 5 | 1 | 0 | 6 |
| 2003 | 0 | 7 | 6 | 0 | 13 |
| 2004 | 0 | 5 | 4 | 0 | 9 |
| 2005 | 0 | 0 | 4 | 0 | 4 |
| 2006 | 0 | 10 | 5 | 0 | 15 |
| 2007 | 0 | 27 | 4 | 0 | 31 |
| 2008 | 0 | 32 | 17 | 0 | 49 |
| 2009 | 0 | 24 | 9 | 0 | 33 |
| 2010 | 0 | 24 | 1 | 0 | 25 |
| 2011 | 0 | 35 | 0 | 0 | 35 |
| 2012 | 0 | 28 | 0 | 0 | 28 |
| 2013 | 0 | 24 | 6 | 0 | 30 |
| 2014 | 0 | 23 | 4 | 0 | 27 |
| 2015 | 0 | 22 | 17 | 0 | 39 |
| 2016 | 0 | 21 | 34 | 0 | 55 |
| 2017 | 0 | 20 | 19 | 0 | 39 |
| 2018 | 0 | 6 | 8 | 0 | 14 |
| 2019 | 0 | 10 | 4 | 0 | 14 |
| 2020 | 0 | 6 | 6 | 1 | 13 |
| 2021 | 0 | 13 | 4 | 5 | 22 |
| 2022 | 0 | 12 | 14 | 4 | 30 |
| 2023 | 0 | 14 | 35 | 2 | 51 |
| 2024 | 0 | 10 | 15 | 0 | 25 |
| 2025 | 0 | 3 | 2 | 0 | 5 |
| Total | 0 | 474 | 234 | 12 | 720 |
| year_of_build | small | medium | large | very_large | total |
|---|---|---|---|---|---|
| 1970 | 0 | 953 | 0 | 0 | 953 |
| 1975 | 0 | 4226 | 0 | 0 | 4226 |
| 1978 | 0 | 3368 | 0 | 0 | 3368 |
| 1985 | 0 | 1314 | 0 | 0 | 1314 |
| 1990 | 0 | 9471 | 44690 | 0 | 54161 |
| 1991 | 0 | 9209 | 0 | 0 | 9209 |
| 1992 | 0 | 9812 | 89733 | 0 | 99545 |
| 1993 | 0 | 18360 | 176334 | 0 | 194694 |
| 1994 | 0 | 30419 | 0 | 0 | 30419 |
| 1995 | 0 | 34437 | 44574 | 0 | 79011 |
| 1996 | 0 | 40508 | 70031 | 0 | 110539 |
| 1997 | 0 | 17916 | 44652 | 0 | 62568 |
| 1998 | 0 | 78244 | 0 | 0 | 78244 |
| 1999 | 0 | 52720 | 47174 | 0 | 99894 |
| 2000 | 0 | 149528 | 143075 | 0 | 292603 |
| 2001 | 0 | 53553 | 0 | 0 | 53553 |
| 2002 | 0 | 41878 | 44673 | 0 | 86551 |
| 2003 | 0 | 59539 | 224147 | 0 | 283686 |
| 2004 | 0 | 36921 | 141623 | 0 | 178544 |
| 2005 | 0 | 0 | 143118 | 0 | 143118 |
| 2006 | 0 | 70499 | 236601 | 0 | 307100 |
| 2007 | 0 | 217107 | 166301 | 0 | 383408 |
| 2008 | 0 | 286248 | 766296 | 0 | 1052544 |
| 2009 | 0 | 217594 | 384299 | 0 | 601893 |
| 2010 | 0 | 218189 | 46025 | 0 | 264214 |
| 2011 | 0 | 253875 | 0 | 0 | 253875 |
| 2012 | 0 | 157386 | 0 | 0 | 157386 |
| 2013 | 0 | 184443 | 286723 | 0 | 471166 |
| 2014 | 0 | 216902 | 192379 | 0 | 409281 |
| 2015 | 0 | 216287 | 786265 | 0 | 1002552 |
| 2016 | 0 | 222541 | 1522178 | 0 | 1744719 |
| 2017 | 0 | 256457 | 879759 | 0 | 1136216 |
| 2018 | 0 | 84048 | 378881 | 0 | 462929 |
| 2019 | 0 | 154593 | 181220 | 0 | 335813 |
| 2020 | 0 | 50378 | 297632 | 60784 | 408794 |
| 2021 | 0 | 58135 | 186927 | 303401 | 548463 |
| 2022 | 0 | 85735 | 606544 | 243118 | 935397 |
| 2023 | 0 | 67679 | 1559825 | 122544 | 1750048 |
| 2024 | 0 | 76096 | 734665 | 0 | 810761 |
| 2025 | 0 | 15490 | 58195 | 0 | 73685 |
| Total | 0 | 3762058 | 10484539 | 729847 | 14976444 |
References
Other ship types include: Bulk carriers; container ships; fishing vessels; general cargo ships; offshore vessels; oil and chemical tankers; other ships; other tankers; passenger ships; roro cargo ships; service ships; specialized cargo ships; and, tugs.↩︎