USD 2 billion! Daewoo Shipbuilding secures order for 6 ice-class LNG carriers
2020-10-13 09:00
Following the 15 ice-class LNG carriers for the Yamal LNG project, Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea has secured another order for 6 Arc7 ice-class LNG carriers from Russia, worth nearly US\$2 billion. This is DSME's first LNG carrier order this year and the largest single order received by the South Korean shipbuilding industry this year. For the South Korean shipbuilding industry, which is facing an order cliff due to the impact of the COVID-19 pandemic, this order is like "a timely rain in a drought."
On October 12, DSME announced that it had received an order for 6 LNG carriers from a European shipowner, with a total contract value of 2.274 trillion won (approximately US\$1.984 billion).
Regarding the type of vessel, a DSME representative said, "Due to the shipowner's request, the relevant information cannot be disclosed." However, the industry speculates that the contract is likely for ice-class LNG carriers, given that the contract amount for each vessel far exceeds 300 billion won (approximately US\$262 million).
Relevant South Korean industry insiders analyze that "there is a high probability that these 6 LNG carriers are part of Russia's ongoing Arctic LNG development project. Novatek, the Russian energy giant leading the project, plans to order 25 ice-class LNG carriers."
It is understood that DSME received the order for the world's first 15 ice-class LNG carriers in 2014 and remains a leading company in the global construction of ice-class LNG carriers.
Relevant South Korean shipbuilding industry insiders said, "Although new ship orders are decreasing globally due to the impact of the COVID-19 pandemic, it is expected that countries such as Russia and Mozambique will still add large-scale LNG carrier orders. Therefore, it remains to be seen whether South Korean shipbuilders can achieve their annual order targets this year. South Korean companies still hold an advantage in the LNG carrier construction field, so we still have expectations for the remaining months of this year."
It is reported that Novatek plans to order up to 12 ice-class LNG carriers from overseas shipyards because Zvezda Shipbuilding Complex, which is responsible for building 15 ice-class LNG carriers for the Arctic LNG 2 project, does not have enough time to build more new ships. These new ships will be delivered between 2023 and 2024.
Previously, there were reports that DSME would receive an order for 6+6 ice-class LNG carriers from Novatek, but it is currently uncertain whether there are any optional vessels in DSME's current contract. South Korean shipbuilding industry insiders previously predicted that Hudong-Zhonghua, which was also competing for Novatek's order, might obtain some of the optional vessels.
Sources revealed that Hudong-Zhonghua's order may not be decided until later this year. Because Hudong-Zhonghua signed an LNG carrier construction project with Qatar Petroleum in April this year, exceeding 20 billion yuan, which is China's largest shipbuilding export contract to date, before confirming the Russian order, Hudong-Zhonghua may need to first understand the delivery time requirements of the Qatari LNG carriers before deciding on the Russian order. (Wang Chu)
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