A vaporizer is provided for vaporizing liquid in a fluid stream. The vaporizer includes at least two heat exchangers serially arranged in a direction of flow of the fluid stream through the vaporizer for vaporizing liquid in the fluid stream in stages. The heat exchangers each comprise a first plurality of thermally conductive flow channels through which the fluid stream flows and a second plurality of thermally conductive flow channels through which a heating stream flows and which are in heat exchange relationship with the first plurality of. thermally conductive flow channels. A liquid supply means is provided for adding liquid to a downstream heat exchanger. The added liquid mixes with the vaporized stream exiting an upstream heat exchanger for vaporization in the downstream heat exchanger.