South Korean and Chinese yards: awaiting a US$19Bn shipbuilding bonanza

摘要

After Covid slowed ship orders to historic lows in 2020, South Korean and Chinese shipbuilders are poised to cash in on a shipbuilding bonanza. Last year, Qatar Petroleum (QP) reserved shipbuilding capacity at South Korean and Chinese shipyards to build more than 100 LNG carriers worth US$19Bn - the largest LNG shipbuilding programme ever. In mid-March, QP issued an invitation to tender to select LNG shipowners for the long-term time charter of the vessels. Those LNG carriers will be used to support QP's North Field expansion project - which will raise Qatar's LNG production capacity from 77 mta to 126 mta by 2027 - and LNG volumes from the Golden Pass LNG export project in Sabine Pass, Texas. QP owns a 70% stake in Golden Pass LNG, with ExxonMobil retaining a 30% interest. Qatargas will manage the selection of the shipowners. When the tender in process is completed, QP will assign the winning shipowners to construction slots secured at South Korean and Chinese shipyards.