Korea’s shipbuilding industry is breaking through the slump of the overall shipbuilding market on the back of recovery of the demand for liquefied natural gas carriers.
According to industry sources on March 7, the nation’s top-three shipbuilders including Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering received orders for five LNG carriers worth 1.16 trillion won this year.
Hyundai Heavy Industries won an order for an LNG-FSRU plus a 180,000-cubic-meter LNG carrier last month. Samsung Heavy Industries clinched an order for a 170,000-cubic-meter LNG-FSRU in January, while Daewoo Shipbuilding & Marine Engineering obtained an order for two LNG carriers this month.
As the demand for LNG, an eco-friendly fuel that can replace coal, is picking up, the demand for LNG carriers is also expected to increase.
Park Moo-hyun, analyst at Hana Financial Investment, said, “In the ship newbuilding market, tankers and LNG carriers would have the brightest outlook this year,” adding “The demand for LNG power generation is growing after the Chinese government cancelled the construction of coal plants.”
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