South Korea Dominates LNG Shipbuilding

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%.