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South Korean shipbuilding companies successfully won large ship orders. Korea Shipbuilding & Offshore Engineering (KSOE), Hyundai Heavy Industries Group’s intermediate holding company for shipbuilding business, announced on Tuesday that it won 1.36 trillion won of orders to build 12 ships on Friday and Monday. The orders include four large LNG carriers and two super-large LPG .
South Korean shipyards have brought home more orders than the full year of 2020 in the first five months as their order book gets fatter and fatter amid fast migration to cleaner-fuel sea transport. Korea Shipbuilding & Offshore Engineering Co. (KSOE), the shipbuilding holding entity of Hyundai Heavy Industries Group, has added 1.36 trillion won .
Chinese Shipbuilders Overtake South Korean Shipbuilders in April
Clarkson Research reported on May 11 that 98 ships that add up to 3.05 million CGT were ordered worldwide last month and Chinese, South Korean and Finnish shipbuilders won 53 (1.64 million CGT), 34 (1.19 million CGT) and two (80,000 CGT), respectively.
Last month, Chinese shipbuilders raised their market share to 54 percent whereas South Korean shipbuilders’ fell to 39 percent. The latter topped the market from November last year to March this year but the former overtook them in five months. In March this year, 55 percent and 42 percent of the new orders went to South Korean and Chinese shipbuilders, respectively.
The cumulative orders for the first four months of this year are 15.43 million CGT, up 172 percent from a year ago. The volume, which is almost 300 percent of that recorded in the trough of 2016, is implying another super-cycle in the industry.
Photo: John Foreman
The decision by energy major, Total, to declare force majeure on its LNG project in Mozambique will radically change the global LNG supply-demand balance later this decade, according to experts.
The declaration followed a deadly attack by the Islamic militant group, Ansar al-Sunna, on the coastal town of Palma in the country’s northern province, Cabo Delgado. The assault left scores dead and many others unaccounted for.
The region is where Total’s Afungi site was under development. Ironically, the energy company had opted to develop an onshore site, rather than a floating facility, to generate greater benefits for the impoverished East African nation. The company rapidly withdrew all personnel following the latest strike.