Ronald,
Ik ben al ruim 36 jaar werkzaam in dezelfde branche qua werk (Amerikaanse bedrijven met meer dan 15,000 personen in dienst). 1x een site bezocht, veel gezien via foto's en ander materiaal.
Werkzaam op de boekhouding (Financial Reporting to Corporate), dus niet technisch onderlegd. Energie trekt mijn aandacht en interesse. Vandaar dat ik ook zoveel op energie gebied post (zie ook het energieforum alhier).
South Korean shipbuilders’ lock on LNG tanker market to hold for years - Report
Reuters reported that South Korean shipyards have boxed out their Japanese rivals from the market for building large ships carrying liquefied natural gas (LNG), winning all of the orders for the next three years worth more than USD 9 billion. Three South Korean yards – Daewoo Shipbuilding & Marine Engineering (DSME) (042660.KS), Hyundai Heavy Industries (009540.KS) and Samsung Heavy Industries (010140.KS) – have won the more than 50 orders placed for new large-scale LNG tankers for delivery in the next three years, according to data from the companies and two tanker brokers.
The bulging orderbook illustrates the dominance the South Korean yards have achieved over their competitors, especially in Japan. It is also sign of how the companies have rebounded from a sector-wide slump only two years ago and how they are positioned to command the sector in the future.
Mr Park Hyung-gun, vice president of DSME, said that “The demand for LNG carriers surged followed by increased global demand of LNG. There is a bright outlook ahead for LNG demand and South Korean shipbuilders will be able to excel in the LNG market.”
Including floating LNG storage and support vessels, ship brokerage Braemar estimates South Korean yards have bagged 78 percent of all LNG-related orders this year, with just 14 percent and 8 percent going to Japan and China, respectively.
A set of data collected by another ship broker, who did not want to be identified, showed all of this year’s orders for large LNG tankers went to South Korea, at a combined value of over USD 9 billion.
However, the new ships will increase the global LNG fleet by around 10 percent. Dominating this segment is key for shipyards, as gas consumption outgrows that of other fuels such as oil or coal. The South Korean shipbuilders have outperformed their Japanese competitors this year with the equities for all three Korean firms rising while the Japanese builders are either flat or down.
KOREA RULES THE WAVES
With its dominance in new orders, this share will increase. Virtually all the LNG from new projects in the Russian Arctic, Papua New Guinea, Australia, the United States, East Africa or Qatar will be delivered on South Korean ships made near the cities of Busan and Ulsan on the country’s southern coast.
DSME said it has received 12 orders for LNG tankers this year. Those orders are worth about USD 2.2 billion to the company, according to data from Daiwa Capital Markets.
LNG tanker orders this year have made up over half its business, DSME said, helping it recover from a near collapse in 2016/17, when its stocks were suspended amid one of the deepest shipping industry downturns on record.
An official at Samsung Heavy, who did not wish to be identified, said “market conditions are improving” and the firm has received 11 LNG tanker orders this year, around 40 percent of its total book.
MOSS TO MEMBRANE
South Korea’s edge comes from its technological and service standards as well as investment into research and development. DSME developed the world’s first ice-breaking LNG tankers and the company will deliver the eighth such ship, the Georgiy Brusilov, to Russia’s Arctic LNG producer Novatek (NVTK.MM) this month. Another six are under construction.
Price is also a factor in South Korea’s success, with the country’s shipyards building LNG carriers for as low as $175 million, according to data from Daiwa.
Japanese ships, however, are above $200 million, according a ship broker in Asia and a European shipping manager.
Further cementing South Korea’s grip, the LNG industry has shifted away from the Moss tanker design, identified by the four or five spherical tanks holding the fuel and named for the company that designed them in 1973.
UNFAIR SUPPORT?
Japan contends, however, that South Korea began unfairly supporting the shipyards during the 2016 downturn, when the South Korean government paid out subsidies and gave credit to keep the companies alive and their hundreds of thousands of workers employed.
The country plans to file a complaint over the issue with the World Trade Organization (WTO), Japan’s Nikkei paper reported this month.
Whoever dominates this market is set to reap large benefits.
Global LNG demand is surging from new users in emerging markets and because of a huge gasification program in China.
Source : Reuters