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LNG vessel orders are showing an upward trend

2013-05-22 09:46

Analysis indicates that LNG carrier orders will increase as the United States' second shale gas export project is approved.

Jeon Jae-Chun, a researcher at Daishin Securities in South Korea, said that with the shale gas export project slated to begin in 2017, positive signs for LNG carrier orders will emerge next year. On the 17th, the Freeport LNG project received approval from the US Department of Energy to export shale gas to countries without FTAs. Given that it will export 4.4 million tons of natural gas to Osaka Gas and Chubu Electric in Japan starting in 2017, and plans to export 440,000 tons to BP starting in 2018, the initial delivery will require 6-9 LNG carriers, to be built in Japanese shipyards.

He also stated, "The US Department of Energy says that the Freeport LNG export project will have a positive impact on the US economy and will not raise domestic gas prices." He added, "More projects may be approved in the future." According to Park Moo-hyun, a researcher at Etrade Securities in South Korea, the increase in US shale gas exports due to economic factors... It is necessary to take a long-term view, but the number of LNG carrier orders is likely to increase significantly this year and next.

He said that the lower cost of US shale gas may accelerate LNG development projects in Australia and Africa. A prerequisite for offshore LNG development projects is LNG carrier construction. Simultaneously, as the LNG spot market expands, the number of vessels needs to increase, transport distances are gradually lengthening, and attention to LNG carrier fuel consumption is also increasing.

He concluded that the number of LNG carrier orders is expected to reach more than 40 per year this year and next, benefiting South Korean companies.

In addition, Park Min, a researcher at Korea Investment Securities, stated that while the US needs LNG carriers to export LNG to Asia and Europe, increasing demand for LNG carriers, shale gas development in the US may impact gas field development projects underway around the world, such as in Australia, potentially reducing orders for offshore facilities.


 

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