South Korea's Shipbuilders Anticipate 115 LNG Carrier Orders Amid Growing Global Demand
South Korea's shipbuilding industry is set to receive 115 LNG carrier orders in 2025, fueled by new LNG projects and the need to replace aging vessels. Notable contracts include HD Korea Shipbuilding's 1.5 trillion won deal for four carriers and Hanwha Ocean's order for seven carriers valued at 2.5891 trillion won. Despite competition from Chinese shipyards, global shipowners continue to favor South Korean builders for their reliability and expertise.
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South Korea's shipbuilding industry is projected to receive 115 global orders for LNG carriers in 2025, driven by new LNG projects and replacement of aging vessels. HD Korea Shipbuilding & Offshore Engineering (HDKSOE) signed a 1.5 trillion won contract for four LNG carriers with an American shipping company, with options for four additional vessels.
Hanwha Ocean secured an order for seven LNG carriers worth 2.5891 trillion won, and Samsung Heavy Industries received an order for two carriers valued at 721.1 billion won. The industry anticipates a resurgence in orders following delays last year due to high prices and FID postponements.
GTT forecasts the need for around 150 new LNG carriers to meet demand from approved LNG projects. Despite improvements in Chinese shipyard capabilities, global shipowners still prefer South Korean builders for their proven track record. Additionally, the demand for other high value-added vessels, such as VLCCs and VLECs, is also increasing.
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