SHI receives $1.5bn LNG carrier order
South Korean shipbuilder Samsung Heavy Industries (SHI) has received an LNG carrier construction order from an unnamed firm worth 1.78 trillion won ($1.5bn), the firm said today.
SHI did not specify the number of vessels ordered, but recent South Korean shipyard costs of around $190mn per ship suggest that it may be for eight carriers.
The vessels will be delivered by the end of the third quarter of 2022, SHI said. Delivery marginally ahead of 2023 suggests that the order may be linked to one of 11 export projects scheduled to come on line that year. But the vessels may also be well placed to operate on the spot charter market.
The 11 projects in 2023 are expected to boost liquefaction capacity by around 148mn t/yr, supporting demand in the associated freight market. This is likely to mean that the global freight balance reverts to a deficit, Teekay said earlier this month, after a period of surplus in 2021-23.
High vessel availability, as new carriers come on to the water in 2020-22, and slower liquefaction growth compared with 2019-20 are expected to weigh on spot charter rates in 2021-23, shipowners Gaslog, Flex LNG and Teekay LNG Partners said recently.
By Samuel Good
source: Argus Media
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