Orders for High Value-added Ships Growing

Orders for high value-added ships such as ultra-large crude oil and ethane carriers are likely to increase.

Orders focusing on high value-added ships are growing in the shipbuilding industry. The scope of orders is expanding, focusing on LNG (liquefied natural gas) carriers, into large gas carriers and tankers.

According to industry sources, HD Korea Shipbuilding & Offshore Engineering recently concluded a contract with a shipbuilding company in the USA to build four LNG carriers worth KRW 1.4993 trillion. The contract includes options for four more options, so additional orders are also expected.

Hanwha Ocean received an order last month for seven LNG carriers, worth KRW 2.5891 trillion, and Samsung Heavy Industries also secured an order in the same month for two LNG carriers, worth KRW 721.1 billion.
The industry expects orders for LNG carriers to increase this year. Last year, orders slowed down due to high ship prices and delays in final investment decisions (FIDs) of major LNG projects, with a total of 31 ships, including seven ships to HD Korea Shipbuilding & Offshore Engineering, 13 to Hanwha Ocean, and 11 to Samsung Heavy Industries.
According to Clarkson Research, a British shipbuilding and shipping analysis firm, global LNG carrier orders this year are expected to reach 115 ships. It is explained that orders will increase due to the expansion of new LNG project development and the demand for replacement of aging ships.
The order flow centered on LNG carriers appears to be expanding to other high value-added ships. In the new year, Hanwha Ocean received a KRW 572.2 billion order for three very large crude carriers (VLCCs) from a Middle Eastern shipowner.

 
 
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