South Korean Shipbuilders Leading Global LNG Carrier Market

Gas

South Korean shipbuilders obtained approximately 90 percent of global LNG ship orders last year. This year, two LNG carrier orders have been placed so far, and they obtained both to overwhelm their rivals.

Specifically, South Korean shipbuilders won 49 out of the 53 LNG carrier orders placed worldwide last year. Korea Shipbuilding & Offshore Engineering won 21, followed by Samsung Heavy Industries (19) and Daewoo Shipbuilding & Marine Engineering (9).

According to British shipbuilding and marine industry tracker Clarkson Research Services, the average annual number of shipbuilding orders for large LNG carriers is estimated at 51 in the period of 2021 to 2025 based on an increase in global LNG demand.

This year, Korea Shipbuilding & Offshore Engineering and Samsung Heavy Industries won one such contract each. The 199.3 billion won contract Samsung Heavy Industries signed in January is to deliver a 174,000 cubic meter LNG carrier to Pan Ocean.

Source: Business Korea

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