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Tuesday 2 June 2020

Qatar Buys $19 bln Worth of LNG Ships from South Korea

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SEOUL (Reuters) — South Korea’s ailing shipbuilders have been thrown a lifeline in an increasingly tough market with a $19 bln order from Qatar Petroleum (QP) for liquefied natural gas (LNG) ships, analysts said on Tuesday.

Qatar’s state-run LNG producer signed agreements with South Korea’s “Big 3” shipyards on Monday to secure more than 100 ships through 2027, in the largest-ever single LNG vessel order.

QP did not announce breakdown orders for each company.

Samsung Heavy said it expects to sign deals starting this year through 2024 and expected a positive impact on orders by shipping companies who are considering LNG vessels. Both Hyundai Heavy and Daewoo Shipbuilding declined to comment.

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