With some 276 gas carriers on order, South Korea’s shipbuilding industry is benefiting from a historic burst of LNG carrier orders in recent years
Analysis of VesselsValue’s South Korea shipbuilding industry data by Veson Nautical senior analyst Rebecca Galanopoulos reveals the extent to which the nation’s shipbuilders are profiting from a historically large newbuilding push in both container shipping and the maritime transport of LNG.
The LNG newbuild segment tops South Korea’s orderbook value list, worth some US$71.3Bn and accounting for around 52% of total shipbuilding tonnage. The LNG shipping sector also has the highest volume of orders, at 276 vessels.
With Qatar’s recent, years-long investment in LNG carriers, much of the newbuild orderbook for the LNG sector is tied to the country’s expansion of its North Field expansion, which will increase the country’s LNG production capacity from 77M tonnes per annum to 142M tonnes per annum by 2030. The completion of this programme cements QatarEnergy’s position as a key driver of LNG carrier demand, with a focus on fleet replacement and future-proofing operations.
Qatari state-owned entitites have 54 vessels ordered. Qatar Gas Transport ranks third in value for South Korean shipbuilding, with an orderbook worth US$6.9Bn, consisting of 29 vessels primarily of the large and Qmax LNG classes of carriers. Qatar Energy is ranked fourth overall, with an orderbook value of US$6.5Bn, consisting of 25 large LNG vessels of approximately 175,000 m3.
Among the top individual shipowners, NYK places second for Korean yards, with a total of US$7.2Bn in ship orders that include 26 large LNG vessels of 174,000 m3 and three very large ammonia carriers of 88,000 m3. In addition to these vessels on order in South Korea, NYK has a further 56 vessels on order in Chinese, Japanese and German yards, including additional orders for LNG and LPG carriers, bulkers and tankers, according to VesselsValue’s data.
