In its latest weekly report, shipbroker Banchero Costa said that “global seaborne LNG trade was increasing gradually until 2023. However, in 2024 there was no growth at all, with shipment volumes down -0.1% y-o-y at 408.3 mln t. 2025, on the other hand, saw a rebound, with global exports increasing by +4.6% y-o-y to 317.2 mln t in Jan-Sep 2025, from 303.2 mln t in Jan-Sep 2024. The largest exporter of LNG is now the USA, which accounted for 25.0% of shipments in Jan-Sep 2025, followed by Qatar with 19.5%, Australia with 18.7%, South-East Asia with 10.5%. In Jan-Sep 2025, the USA exported 79.4 mln t of LNG, representing a +22.7% y-o-y increase from 64.7 mln t shipped in Jan-Sep 2024. Qatar exported 61.7 mln tonnes in Jan-Sep 2025, up +5.6% y-o-y. Australia shipped 59.2 mln tonnes in Jan-Sep 2025, down -2.8% y-o-y. From South East Asia shipments declined -0.6% y-o-y to 33.3 mln t. Russia shipped 21.9 mln tonnes of LNG in Jan-Sep 2025, down -5.4% yo-y from 23.2 mln t in Jan-Sep 2024. The EU remains the world’s largest importer of LNG, accounting for 24.3% of global LNG imports”.

Source: Banchero Costa

According to the shipbroker, “in Jan-Sep 2025, the EU imported 77.1 mln t, up +23.2% y-o-y from 62.5 mln t in Jan-Sep 2024, and also above the record 75.0 mln t in JanSep 2023. The UK imported 6.1 mln tonnes of LNG in Jan-Sep 2025, +23.6% y-o-y, but well below the 11.6 mln imported in Jan-Sep 2023. Mainland China imported 48.9 mln tonnes of LNG in Jan-Sep 2025, down -16.5% y-o-y from 58.5 mln t in Jan-Sep 2024. Japan imported 49.4 mln t in Jan-Sep 2025, down by -1.9% y-o-y. South Korea imported 37.1 mln t in Jan-Sep 2025, up +7.4% y-o-y. India imported 17.8 mln t in Jan-Sep 2025, down -8.1% y-o-y”.

Banchero Costa added that “Qatar was for many years the top exporter of LNG in the world. It has now increased its export volumes again, overtaking Australia, but remains well behind the USA. In the full year of 2024, Qatar exported 77.2 mln tonnes of seaborne LNG, according to LSEG vessel tracking data. This accounted for 18.9% of global LNG shipments. The USA were on top with 88.0 mln t, or a 21.6% share, in 2024. Australia were just behind with 81.7 mln t, or a 20.0% share. In the first 9 months of 2025, Qatar exported 61.7 mln tonnes of LNG, which was a +5.6% y-o-y increase. This was well behind the USA’s 79.4 mln t in Jan-Sep 2025, which represented a +22.7% y-o-y increase. It was however above Australia’s 59.2 mln t in Jan-Sep 2025, which was a -2.8% y-o-y decline. Therefore, this year Qatar accounts for 19.5% of global exports and Australia just 18.7%”.

Source: Banchero Costa

“In terms of destinations, it’s much less balanced between East and West than it once was. In Jan-Sep 2025, LNG exports from Qatar to Mainland China increased by +10.6% y-o-y to 14.1 mln tonnes from 12.8 mln t in Jan-Sep 2024, and represents an all-time record. Mainland China is now the destination for 22.9% of Qatar’s total LNG exports in Jan-Sep 2025. Volumes to the EU have persistently declined since 2022, and were just 6.0 mln t in Jan-Sep 2025, down -19.5% y-o-y from 7.5 mln t in JanSep 2024, and well below the peak 10.0 mln t in Jan-Sep 2022. The EU now accounts for just 9.8% of Qatari LNG shipments. The second top destination from Qatar is now India, which accounted for 13.8% of Qatari LNG shipments in Jan-Sep 2025. Shipments from Qatar to India increased by +11.1% y-o-y in Jan-Sep 2025 to 8.5 mln tonnes. Volumes from Qatar to Taiwan increased +36.3% y-o-y in Jan-Sep 2025 to 6.1 mln t (from 4.5 mln t in Jan-Sep 2024), with Taiwan now overtaking the EU and accounting for 9.9% of Qatari exports. Exports to South Korea collapsed by -20.8% y-o-y to 5.2 mln t in Jan-Sep 2025, with South Korea accounting for 8.5% of Qatari exports. Shipments from Qatar to South East Asia surged by +30.6% y-o-y in JanSep 2025 to 4.5 mln tonnes”, the shipbroker concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide