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Chinese Shipbuilders Increasing Share in LNG Market

Chinese shipbuilders are entering the global LNG carrier market, which has been dominated by South Korean shipbuilders.

For example, last month, Jiangnan Shipyard signed a contract with a subsidiary of the Abu Dhabi National Oil Co. to supply four LNG carriers each with a capacity of 175,000 cubic meters. It is the first LNG carrier contract of the Chinese shipbuilder.

In April this year, Dalian Shipbuilding Industry concluded a contract with China Merchants Group subsidiary CMES to supply two with the same capacity. Likewise, it is the first LNG carrier contract of the shipbuilder. Hudong-Zhonghua Shipbuilding is already building LNG carriers, that is, South Korean shipbuilders are competing with three Chinese in the global LNG carrier market.

At present, Korea Shipbuilding & Offshore Engineering’ share in the market is 38 percent, followed by Samsung Heavy Industries (25 percent) and Daewoo Shipbuilding & Marine Engineering (16 percent). Hudong-Zhonghua Shipbuilding is only 3 percentage points behind Daewoo Shipbuilding & Marine Engineering. For the first five months of this year, a total of 61 LNG carrier orders were placed worldwide and 39 and 22 went to South Korean and Chinese shipbuilders, respectively.

Source: Business Korea

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