South Korea Dominates LNG Shipbuilding

Laxman Pai
Tuesday, November 20, 2018

The liquefied natural gas (LNG) carrier orders received by South Korean shipbuilders have more than tripled from last year.

According to Reuters, the three South Korean yards - Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries and Samsung Heavy Industries - have won the more than 50 orders for ships carrying LNG, with a total value of $9 billion.

According to Clarkson, a shipbuilding research company in the U.K. on Nov. 20, LNG carrier orders from January to October this year totaled 43 units or 6.8 million cubic meters, a three-fold increase from a year earlier.

Greek shipping companies triggered the sudden spike in orders, said Business Korea. They ordered 22 ships or a total of 3.8 million cubic meters, accounting for 56% of the new orders placed this year.

Clarkson analyzed that maritime LNG transport volume will grow more than 10 percent this year compared to last year. This positive outlook on the shipping industry has been prompting Greek shipping companies to place orders for LNG carriers.

South Korean yards are responsible for 78% of all LNG-related orders in the last year, including floating LNG storage and support vessels. Japan hold just 14% of the marketplace and China 8%.

Categories: Contracts Shipbuilding LNG Vessels Asia Seawork

Related Stories

Hanwha Ocean Enlists ABB for Singapore’s First Floating LNG Terminal

POSH Set to Tow Nguya FLNG from China to Eni’s Congo Field

Keppel, Seatrium in $53M Arbitration Case Over Brazil Corruption Scheme

Shipbuilder Delivers Fast Crew Boat Pair to Aesen

Saipem Marks First Steel Cut for Tangguh UCC Project at Karimun Yard

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Current News

Ventura Offshore’s Semi-Sub Rig to Keep Drilling for Eni in Asia

SBM Offshore, SLB to Optimize FPSO Performance Using AI

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com