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Korean shipyards once again expect LNG ship boom

Logistic News - Published on Fri, 18 Jan 2019

Image Source: Bunkerist
Yonhap, citing industry sources, reported that South Korean shipbuilders, which emerged as the world's No 1 in terms of new orders in 2018 on increased demand for LNG ships, are anticipating solid demand for vessels this year. Local shipyards, led by Hyundai Heavy Industries Co, bagged orders to build a total of 60 LNG ships last year, almost sweeping all such deals placed around the world and making up for dearth of demand for high-priced offshore facilities. Demand for LNG carriers has been on a steady increase in line with a rise in LNG demand, backed by eco-friendly policies in China and the proactive push for energy exports by the United States. For 2019, demand for LNG ships is expected to remain firm, with local shipyards set to win more deals to build such ships. This year's LNG ship orders will be similar to last year's. Park Moo-hyun, an analyst at Hana Financial Investment, said "In terms of technology, local shipyards have strong competitiveness. For the time being, their market status won't be threatened."

Expecting another boom year for LNG ships this year, local shipyards jacked up the order target by more than 10%. Hyundai Heavy, the world's largest shipyard by sale, will strive to win orders valued at USD 11.7 billion, up 15% from last year. Daewoo Shipbuilding & Marine Engineering Co, another major shipyard here, said it will try to secure USD 8 billion in deals, up 10% over the cited period. Samsung Heavy Industries Co is seeking to post a 24% spike in this year's orders worth USD 7.8 billion.

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Posted By : Joykumar Irom on Fri, 18 Jan 2019
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