Qatar Orders LNG Carriers

Tuesday, June 06, 2006
According to reports, Hyundai Heavy Industries Co and two other South Korean shipbuilders said they won orders for 10 LNG carriers from Qatar Gas Transport totaling $2.5b. The announcement comes a day after Qatargas ordered the tankers from Hyundai Heavy, Daewoo Shipbuilding & Marine Engineering Co and Samsung Heavy Industries Co to ship the fuel to markets in the US, Asia and Europe. South Korean shipyards’ profit fell in the last two years because higher prices of steel plates used in vessels and the stronger won against the US dollar made the value of the orders secured smaller when converted to the local currency. Hyundai Heavy will build three ships, which can each carry 216,000cu m of LNG, for 713bn won, according to the Ulsan-based company in a statement to the Korea stock exchange. Daewoo Shipbuilding, the world’s second-largest shipbuilder, will construct three vessels which can each move 210,100cu m of LNG, costing a total $690mn, it said in an e-mailed statement. Samsung Heavy will build three of the world’s biggest ships, which can each carry 266,000cu m of LNG, and one 217,000cu m vessel valued at a combined 1.03tn won, it said in a separate statement to the Korea stock exchange. Qatar signed agreements with Hyundai Heavy, Daewoo Shipbuilding and Samsung Heavy early last year to secure enough space to build LNG ships. So far, the world’s three biggest shipyards have received orders for a total 44 LNG ships from the Middle East country, of which half have been awarded to Daewoo Shipbuilding. Source: Gulftimes

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