Korean Shipbuilders Dominate LNG Carrier Orders as Chinese Contracts Fall to Zero

Korean shipbuilders have secured the vast majority of new global LNG carrier orders, according to the Korea Offshore & Shipbuilding Association. Out of 16 LNG carriers ordered worldwide by the end of last month, Korean shipyards claimed 14 contracts, accounting for 88% of the market. Samsung Heavy Industries led with 7 orders, followed by HD Hyundai Samho Co., Ltd. with 5, and Hanwha Ocean with 2. The remaining 2 orders went to the United States and will be constructed by Hanwha Philly Shipyard, a subsidiary of Hanwha Ocean. The orders were placed by Hanwha Ocean’s subsidiary, Hanwha Shipping. In a significant shift, Chinese shipyards, which previously competed closely with Korea, did not secure any LNG carrier orders during this period.