LNG

South Korean shipbuilders are still leading their Chinese counterparts in orders for liquefied natural gas carriers, though China’s yards are well ahead in overall orders for newbuilds even as the shipbuilding market was weaker than in 2022.

The South Korea government said it would spare no efforts to help the nation’s shipyards, the largest builders of LNG carriers, to traverse the current double challenge of the coronavirus pandemic and the spending cuts proposed by the energy industry after the oil price slump.

Hyundai Heavy Industries Group said its shipbuilding units swung back to profit in the third quarter because of increased sales of high-value liquefied natural gas carriers to shipping companies around the world and as more shipyard berths are set to be booked for the next couple of years for LNG projects in nations such as Qatar and Mozambique.

May 7 (LNGJ) - GTT, the French LNG storage technology, has received an order notification from the South Korean shipyard of Hyundai Heavy Industries for the tank design of a new 174,000 cubic metres capacity carrier on behalf of the Greek shipowner, Capital Gas Carriers. The vessel will be fitted with the Mark III Flex membrane containment system.

   The delivery of the ship is planned for the third quarter of 2021. “We are very happy to receive this new order from our long-term partner HHI and to continue to accompany Capital Gas Carriers in its development in the LNG industry,” said Philippe Berterottière, Chairman and Chief Executive of GTT.

South Korean shipbuilders are maintaining their dominance in the liquefied natural gas carrier construction sector in the face of some competition from yards in China and Japan.