As newbuilding orders for LNG-related ships or offshore facilities are expected to increase, Korea's large shipbuilders are picked up as the biggest beneficiary of it.
Seoul-based Shinyoung Securities disclosed yesterday that "With offshore new orders increasing, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries would enjoy the biggest benefit since they have the highest proportion of LNG carrier and offshore sectors in their business portfolio."
Eom Kyeong-ah, analyst of the securities company said, "LNG has been emerging as a substitute for nuclear energy since the terrible Fukushima nuclear shock in Japan. Japan is believed to be demanding 43 LNG carriers over the next 10 years."
"And world's combined newbuilding orders for LNG carriers would come to 284 ships over the next seven years, and orders for LNG-FPSO and LNG-FSRU to replace traditional LNG export and import terminals would total 20 and 33 units respectively," she added.
As a result, Korea's combined new order value of LNG carriers and offshore plants for the next seven years is expected to reach more than $140bn.
Eom also prospected, "Korea's big three yards have, together, scored $17.5bn in new orders so far this year while their combined new order target for this year is $34.2bn. In particular, the offshore business sector accounts for $11.5bn out of the new order total. So this year would see Korean yards winning the record amount of new offshore orders, considering the big amount of offshore plant orders likely to be placed in the second half of the year."
Published : April 29, 2011
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