Transportation of natural gas by sea, requires its conversion into liquid by cooling it down below its boiling point at -163 degrees Celsius. The liquefied cargo is then transported by highly specialized vessels that are facing the difficult challenge of preserving it from the vaporization phenomenon while making a compromise between the option to use some part as fuel and its obligation to deliver the agreed volume to the consignee. Furthermore, cost effective operation must be ensured for charterers and owners alike. The purpose of this dissertation is to analyze the conventional supply chain of LNG from the vessel’s perspective, its construction, operating & voyage expenses. We are particularly interested to examine how the nature of the cargo influences the way the vessel is built, financed and operated and how the voyage costs are determined. Furthermore, in what way smaller scale operations are incorporated in today’s LNG world trade and what is the role of the floating storage and regasification units (FSRUS). How is a country able to implement a cost effective smaller scale supply chain? Norway’s example and the Greek potential.