Ship­pers to join hands to win or­ders from Qatar

The Korea Times - - BUSINESS -

Korean ship­pers are con­sid­er­ing join­ing hands to win mas­sive liq­ue­fied nat­u­ral gas (LNG) trans­porta­tion or­ders to be placed by Qatar, in­dus­try sources said Sun­day.

Five bulk­ers — re­port­edly Korea Line Corp., Pan Ocean, SK Ship­ping, Hyundai LNG Ship­ping and H-Line Ship­ping — are set to form an al­liance and hold a pre­sen­ta­tion to­gether in Doha on Mon­day to ex­plain their plans for Qatar’s LNG project, ac­cord­ing to the sources.

Qatar Pe­tro­leum, the world’s largest LNG pro­ducer, is ex­pected to place trans­porta­tion or­ders in­volv­ing at least 40 LNG car­ri­ers by the end of the year for its North Field Ex­pan­sion (NFE) project, which aims to in­crease the na­tion’s an­nual LNG pro­duc­tion ca­pac­ity from 77 mil­lion tons to 110 mil­lion tons by 2024.

In­dus­try in­sid­ers spec­u­late that the Qatari state-run com­pany will need an ad­di­tional 60 LNG car­ri­ers for the project.

While Korea’s ma­jor ship­builders are con­sid­ered the fa­vorites to take the LNG car­rier con­struc­tion or­ders from Qatar due to their dom­i­nant pres­ence in the LNG ship mar­ket, lo­cal ship­pers are hop­ing they can se­cure con­tracts to op­er­ate the ves­sels.

“It’s worth a try,” said a ship­ping firm of­fi­cial who asked not to be named. “What’s mean­ing­ful is that lo­cal ship­pers are try­ing to join forces to over­come dif­fi­cul­ties to­gether.”

Newspapers in English

Newspapers from Korea, Republic

© PressReader. All rights reserved.