Qatar Gets 3 Korean Shipbuilders $7b Jackpot

Tuesday, April 11, 2006
Qatar is becoming a goldmine for Korean shipbuilders as the top three companies won orders for liquefied natural gas (LNG) tankers worth $7 billion. Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries have won combined orders of 34 LNG tankers since 2004. The shipbuilders are hoping to share another 10 orders, when they are commissioned next month. The LNG carriers are high-yield orders, as they are equipped with large spherical or box-shaped storage tanks, which are technically difficult to build but are lucrative for the makers. The carrier¡¯s average price exceeds $200 million, which is about three times more expensive than standard-size container ships whose price is around $70 million. Daewoo won 19 of the 34 orders, including three super-large tankers it won last month. Samsung also took orders for 10 tankers. Hyundai received orders for five ships.

The LNG ships are built for two separate gas export projects in Qatar _ Ras Gas project which will ship natural gas to the United States, and Qatar Gas II project which is for the British market. Both projects are run by joint ventures of state-run Qatar Petroleum and global energy giant ExxonMobil. Though the deals are yet to be signed, Daewoo, Samsung and Hyundai are about to win orders for three, four and four LNG tankers respectively from the Qatar Gas II project next month, Hyundai¡¯s public relations official Hur Kwang-hee said. Also, the Korean shipbuilders are expecting even bigger profits in the future from the Middle Eastern country as the Qatar Gas III project is ready to leave the drawing board. Although the size and the number of the proposed LNG tankers have yet to be decided, the project is expected to be commissioned by 2009. According to market research firm Clarkson, South Korea’s shipbuilders swept from No.1 through No.7 worldwide last year in terms of orders received. The top three firms won 70 percent of total LNG tank orders last year. Source: Korea Times


Shipbuilding

C-Job Designs Flettner Freighter for Switijnk

The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile.

Yangzijiang Shipbuilding to Slash 2,000 More Jobs

Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up

Australia Warns DCNS after Security Breach

Australian defence officials warned French naval contractor DCNS to beef up security in Australia, where it is preparing to build a A$50 billion ($38.13 billion) fleet of submarines,

Naval Architecture

C-Job Designs Flettner Freighter for Switijnk

The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile.

Australia Warns DCNS after Security Breach

Australian defence officials warned French naval contractor DCNS to beef up security in Australia, where it is preparing to build a A$50 billion ($38.13 billion) fleet of submarines,

Tuco’s New Arctic Workboat to Debut at SMM

Danish producer Tuco Marine said it will reveal a new Arctic workboat daughter craft at next month’s SMM in Hamburg.   Many arctic patrol vessels, icebrakers

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0674 sec (15 req/sec)