It has been found that the Korean shipbuilding industry is heading closer. As they intended to achieve this year’s order-taking target based on stable orders. Simulatanoaeusly, they are focusing on increasing business profit. This is done by strategically getting orders for liquefied natural gas (LNG)-powered carriers, which are said to be high-value ships.
As revealed by an industry source depicts recently, the three main Korean shipbuilders grab orders. It is worth US$10.5 billion, this amount is 33 percent of their aggregate order target of US$32 billion (42.11 trillion won) for this year in the first quarter of 2023.
Samsung Heavy Industries also pen a contract to construct two LNG carriers
Additionally, talking about the number of orders for Korea Shipbuilding and Offshore Engineering (KSOE) in the first quarter. Then this amounted to US$7.28 billion. This makes it achieve 46.3 percent of its annual order target of US$15.74 billion. In the interim, Samsung Heavy Industries also pen a contract in order to construct two LNG carriers for a shipping company in the Asia Pacific region on March 31. It won a total of US$2.5 billion in orders in the first quarter. While it accomplishes 26 percent of its yearly target of US$9.5 billion. On the other hand, Daewoo Shipbuilding & Marine Engineering’s first quarter order consumption stood at US$800 million. This is 11.5 percent of its target respectively.
Also, the demand for LNG carriers, based on specific orders, is predicted to continue ahead. As per Clarkson Research, a shipbuilding market analysis agency forecasted approx 70 new orders for LNG carriers in 2023 standalone. At the same time, it is also estimated that demand will continue to rise. A yearly annual average of 60 orders by 2032.
With the continuous increase in the price of LPG carriers, it is forecasted to devote itself to raising shipbuilders’ profitability. As a result, the price per LNG carrier surpasses US$250 million by February end. This is as compared to last year’s pricing for the same period. When it stood at US$ 187.5 million, it rose 33 percent.
FOLLOW US ON SOCIAL MEDIA – Telegram, Twitter, Facebook, & Google News.
