Korea shipbuilders forecast increase in LNG tanker orders

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Latest Oil and Gas News: 
January 2, 2014

(Korea Times; Jan. 1) - South Korea's major shipbuilders are expected to undergo a mild recovery on the back of a pickup in demand for commercial vessels and liquefied natural gas carriers, according to experts and analysts Jan. 1. The analysts forecasted the nation's leading builders such as Hyundai Heavy Industries, Samsung Heavy and Daewoo Shipbuilding and Marine Engineering are well positioned to win more premium vessels ahead of their Chinese and Japanese rivals next year.

Hyundai, Samsung and Daewoo shipbuilders forecast they will win $24.3 billion, $13 billion and $13.1 billion worth of orders, respectively, this year. "Ship orders by HHI, Samsung Heavy and DSME are expected to increase by more than 13 percent next year from this year as demand for commercial vessels capitalizing on LNG carriers will increase," said Woori Investment & Securities analyst Yoo Jae-hoon in a recent research report.

"Our own study says there would be huge orders for LNG carriers from Japan, India and Russia as the price of LNG will remain at a manageable level," Yoo said. 

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