- South Korean shipbuilders anticipating solid demand for LNG vessels this year by more than 10 percent.
- Demand for LNG carriers on a steady increase in line with a rise in LNG demand, backed by eco-friendly policies in China and push for energy exports by the US.
- Hyundai Heavy, will strive to win orders valued at US$11.7 billion, up 15 percent from last year.
- Daewoo Shipbuilding & Marine Engineering Co., trying to secure $8 billion in deals, up 10 percent.
- Samsung Heavy Industries Co.to post a 24 percent spike in this year’s orders worth $7.8 billion.
South Korean shipbuilders, emerged as the world’s No. 1 in terms of new orders in 2018. On increased demand for LNG ships, they are anticipating solid demand for vessels this year, industry sources said reports Korea Bizwire.
LNG deals bagged
Local shipyards, led by Hyundai Heavy Industries Co., bagged orders to build a total of 60 LNG ships last year. Sweeping all such deals placed around the world and making up for dearth of demand for high-priced offshore facilities.
“In terms of technology, local shipyards have strong competitiveness,” said Park Moo-hyun, an analyst at Hana Financial Investment. “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 percent.
Eco-friendly policies
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.
Anticipation over 2019 deals
Hyundai Heavy, the world’s largest shipyard by sale, will strive to win orders valued at US$11.7 billion, up 15 percent from last year.
Daewoo Shipbuilding & Marine Engineering Co., another major shipyard here, said it will try to secure $8 billion in deals, up 10 percent over the cited period.
Samsung Heavy Industries Co. is seeking to post a 24 percent spike in this year’s orders worth $7.8 billion.
Economic slowdown
Choe Jin-myung, an analyst at NH Investment & Securities said that the demand for bulk carriers and container vessels is waning due to an economic slowdown, and the ongoing trade war between the U.S. and China. He said, “Their focus on LNG ships will help further expand their market share.”
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Source: Koreabizwire
