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South Korea corners the LNG tanker newbuild market

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LNG Industry,

Reuters is reporting that South Korean shipbuilders have outbid their competitors and secured all orders for large LNG carrying vessels for the next three years. The orders are worth a total of US$9 billion.

Between the three leading South Korean shipyards; Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries and Samsung Heavy Industries; 50 orders for new, large scale LNG tankers have been won. All the orders are for delivery in the next three years.

These orders show the undeniable dominance South Korea has achieved over its rivals in this sector. After a sector-wide slump two years ago, the country is now set to command the sector for the foreseeable future.

According to Braemar, South Korean shipbuilders have won 78% of LNG-related orders this year, compared to Japan and China who have won only 14% and 8% respectively.

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