Korea is expected to construct 20 LNG carriers for Qatar’s forthcoming liquefied natural gas (LNG) project. Qatar Energy, the state-owned energy firm leading the project, is currently negotiating with HD Korea Shipbuilding & Offshore Engineering (KSOE), Hanwha Ocean, and Samsung Heavy Industries to build LNG carriers valued at $5 billion.
Business Korea reported on September 24, that Qatar plans to order LNG carriers with capacities of 174,000 cubic meters (CBM) and 271,000 cubic meters (CBM) . The 271,000 CBM carriers are expected to match the specifications and performance of the Qatar-China-Max (QC-MAX) LNG carriers, the largest vessels capable of docking at ports in both Qatar and China. Hudong Zhonghua Shipbuilding secured an order for six QC-MAX LNG carriers on September 9.
Over the past two years, Qatar Energy has signed contracts totaling $30 billion to construct or lease 122 new LNG carriers as part of its fleet expansion project.
In 2022, Qatar Energy placed an order for 60 vessels in the first phase, followed by 62 vessels in the second phase in 2024. This represents the largest single shipbuilding project in history. The vessels will be used for Qatar’s North Field and Golden Pass LNG projects.
Qatar’s North Field Expansion plan is expected to boost its position as the world’s top LNG exporter. Last year, Reuters had informed that this plan includes six LNG trains that will ramp up Qatar’s liquefaction capacity from 77 million tonnes per annum (mtpa) to 126 mtpa by 2027.
Between late last year and early this year, the three major Korean shipbuilders received orders for 44 LNG carriers from Qatar. These are all 176,000 CBM vessels, with 17 for HD KSOE, 15 for Samsung Heavy Industries, and 12 for Hanwha Ocean. Meanwhile, China’s Hudong Zhonghua Shipbuilding has secured orders for more than 10 vessels, recently adding six more ships to its roster.
According to Martin Cartwright, head of DNV’s global business for gas carriers and floating storage regasification, shipbuilders are expected to receive orders for 40 to 60 LNG carriers annually over the next five to 10 years.
