South Korean yards built 500 LNG carriers for export in 30 years

South Korean yards have completed 500 liquefied natural gas (LNG) tankers for export since 1994, according to the Ministry of Trade, Industry, and Energy.

The 174,000-cbm, Orion Spirit, is the 500th LNG tanker to be exported and will be handed over to US-based J.P. Morgan Chase & Co, MOTIE said in a statement.

Samsung Heavy Industries hosted a naming ceremony for the LNG carrier at its Geoje yard on April 19.

VesselsValue data shows that Global Meridian Holdings, part of J.P. Morgan Asset Management, ordered this LNG carrier and three more vessels back in October 2021.

The firm paid about $206 for each of the LNG carriers, much lower than the current average price for a 174,000-cbm LNG carrier in South Korea of about $260-265 million.

MOTIE said in the statement that only nine countries have built LNG tankers up to date.

“There are 680 LNG carriers presently in the water, three-fourths of which were built by Korean shipyards, and construction of another 256 vessels are underway,” it said.

Korean shipyards raked in $13.6 billion worth of global ship orders in the first quarter of 2024, winning 100 percent of total LNG and ammonia carrier orders, MOTIE said.

The majority of the LNG carrier orders in the first quarter are tied to the giant QatarEnergy shipbuilding program.

In February this year, SHI secured orders to build 15 LNG as part of the second phase of the QatarEnergy shipbuilding program, while Hanwha Ocean will build 15 LNG carriers and HD Hyundai Heavy will build 17 LNG carriers.

QatarEnergy recently concluded the conventional sizes vessels portion of program, bringing the total number of ships for which it signed time charter parties to 104 vessels.

- Advertisements -

Most Popular

TotalEnergies supplies LNG cargo to PetroVietnam Gas

PetroVietnam Gas, a unit of state-owned PetroVietnam, has received a liquefied natural gas cargo from a unit of France's...

Spot LNG shipping rates nearly flat, European prices drop

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet remained steady this week, while European prices...

US LNG exports climb to 28 shipments

US liquefied natural gas exports rose in the week ending May 15 compared to the week before, with the...

More News Like This

Japan’s MOL charters LPG carrier duo to TotalEnergies

Japan’s shipping firm MOL said on Thursday it has signed a charter deal for two 88,000-cbm LPG carriers with...

Hapag-Lloyd welcomes new LNG-powered giant in its fleet

Germany’s Hapag-Lloyd has taken delivery of a new ultra-large LNG-powered containership from South Korea’s Hanwha Ocean. Hanwha Ocean, previously known...

HD Hyundai Heavy secures contract to build LNG carrier duo

South Korean shipbuilder HD Hyundai Heavy Industries has won a contract to build two liquefied natural gas (LNG) carriers...

MOL, Gaz-System seal Gdansk FSRU charter deal

Japan's shipping giant MOL has signed a long-term FSRU charter deal with Poland’s Gaz-System for the planned LNG import...