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Photo courtesy of Yonhap News |
[Alpha Biz= Moon Sun Jung & Woo So Hyun] Japan’s NYK Line has been identified as the contracting party behind HD Korea Shipbuilding & Offshore Engineering’s (HD KSOE) recent order for four liquefied natural gas (LNG) carriers, valued at approximately KRW 1.5 trillion.
According to Alpha Economy on January 7, the four ultra-large LNG carriers ordered by HD KSOE were placed by NYK Line and Ocean Yield, partners of U.S.-based LNG producer Cheniere Energy. The identity of the end customers has been confirmed after the initial contract announcement.
The total contract value for the four LNG carriers amounts to KRW 1.4993 trillion. The vessels will be built at HD Hyundai Heavy Industries’ shipyard in Ulsan and are scheduled for phased delivery to the shipowners by the first half of 2029.
A source familiar with the matter said the contract includes options for an additional four LNG carriers, noting that a letter of intent (LOI) was signed with HD Hyundai Heavy Industries in early December.
HD KSOE had previously disclosed that it signed the contract with a shipping company based in the Americas, which was later identified as Cheniere Energy, a leading U.S. LNG producer.
Under the structure, Japanese shipowners NYK Line and Ocean Yield will provide the LNG carriers under long-term charter arrangements to Cheniere Energy’s LNG projects.
Cheniere Energy is the largest LNG producer in the United States and a major charterer of LNG carriers. It is also the world’s second-largest LNG supplier, with major customers including Korea Gas Corporation (KOGAS), Korea Southern Power (KOSPO), and POSCO.
Clarksons Research has forecast that global LNG carrier orders will remain strong this year, supported by new LNG project developments and replacement demand for aging vessels.
Woo Ki-hoon, former vice president of KOTRA and chairman of the Trade Research Association, told AlphaBiz that Cheniere Energy is expected to continue expanding production capacity, driving revenue growth. He added that LNG exports could gain further momentum as a means of reducing the U.S. trade deficit, particularly under a Trump administration, which would bode well for South Korean shipbuilders such as Hanwha Ocean and Samsung Heavy Industries.
Alphabiz 문선정 기자(press@alphabiz.co.kr)
