The global LNG market has seen a surge in demand for older LNG carriers, with seven large vessels built between 2005 and 2006 changing ownership since disruptions in the Strait of Hormuz tightened LNG supply and drove prices higher. This has prompted Asian buyers to seek alternative sources.
One of the latest transactions involves the 145,000 cu m Methane Rita Andrea (built 2006), which was sold by GasLog for approximately $30 million. The vessel, now under the ownership of Chinese-linked Rising Universe Shipping, managed by Dongtinghu Shipping, has been renamed Grand Reach and is sailing under the Hong Kong flag in the South China Sea.
A trend is emerging in the sale of LNG carriers of this age group. Many buyers are listed as “unknown Chinese” entities in VesselsValue’s fleet register, and several vessels have recently been reflagged to Russia.
In April, four similarly sized LNG carriers, previously managed by Oman Ship Management, transitioned to Russian flags. These vessels—now renamed Orion, Kosmos, Merkuriy, and Luch—have reappeared under new ownership structures. Luch is reportedly registered to Russian company Abakan, while Kosmos is listed under Chinese ownership.
One of these vessels was recently spotted near the sanctioned floating storage unit Saam off the Kola Peninsula.
These ships exhibit characteristics often linked to shadow fleet operations, including their advanced age for LNG carriers and transfers to obscure ownership structures. Meanwhile, Russia continues to market sanctioned LNG cargoes at steep discounts to attract buyers.