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

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Alaska, Washington to build Arctic Icebreakers

Senator Lisa Murkowski, Alaska, and Senator Maria Cantwell, Washington, have introduced a bill that would authorize the Navy to build up six icebreakers for use by the U.

Launch of First Future Destroyer, Hobart

Speech delivered by the Minister for Defence, Kevin Andrews during the launch of Hobart - the first future destroyer: Thank you for being here on this very important day.

Fincantieri Invests In Camper & Nicholsons

Fincantieri has signed an agreement for the acquisition of a minority stake via capital injection in Camper & Nicholsons International (Camper & Nicholsons), the

Naval Architecture

Alaska, Washington to build Arctic Icebreakers

Senator Lisa Murkowski, Alaska, and Senator Maria Cantwell, Washington, have introduced a bill that would authorize the Navy to build up six icebreakers for use by the U.

China, Russia Conclude Naval Drill

Russia and China naval forces concluded their first-ever joint military exercise in the Mediterranean Sea this morning, according to an online news briefing from the Chinese Defense Ministry.

SSI to Showcase New Software at Nor-Shipping

SSI informs it will showcase the latest versions of its CAD/CAM software, ShipConstructor and EnterprisePlatform, at Nor-Shipping 2015, June 2-5. SSI CEO Darren

 
 
Maritime Careers / Shipboard Positions Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics 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: 0.1389 sec (7 req/sec)