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| Published：2020.05.13 News Sources：Qingdao Gute Ship Supplies Co., Ltd. Views： | |||
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China's shipbuilding company LNG ship orders "shake" South Korean shipbuilding industry
The news that Hudong Zhonghua was the first to secure a large order for LNG ships in Qatar has had a huge impact on the Korean shipbuilding industry, shaken the confidence of South Korea's "exclusive" LNG ship market, and brought an unprecedented sense of crisis to South Korean shipbuilding companies. 
At the end of April, Korea Shipbuilding & Marine Engineering (KOSE), the second-class holding company of Hyundai Heavy Industries Group ’s shipbuilding business, expects that Qatar ’s LNG ship orders of 40 to 80 will be handed over to South Korean shipbuilding companies. This is a response to the impact of Hudong Zhonghua's first order to win Qatar. However, South Korea's shipbuilding ocean did not provide a specific basis. In recent years, South Korean shipping companies have maintained a market share of 80% to 90% in the LNG ship market, and in fact almost monopolized the LNG ship construction market. Since the beginning of this year, under the influence of the new coronavirus epidemic, orders for new ships have decreased significantly, and the first orders for the only Qatar LNG ship project as the pillar have also been won by China, which undoubtedly has a great impact on the Korean shipbuilding industry. 
In the first quarter of this year, South Korean shipping companies received a total of 360,000 CGT orders, far behind the 1.51 million CGT of Chinese shipping companies. In this regard, the Korean shipbuilding industry predicts that once the wave of LNG ship orders begins, South Korea will immediately reverse the situation and overtake China as it did last year. In addition to Qatar's remaining 40 to 80 LNG ship orders, this year's potential large-scale LNG ship order items also include 16 LNG ship orders in Mozambique, 10 LNG ship orders in Russia, and 106 LNG in these three projects The total value of the ship is estimated to be 21.2 billion US dollars. Analysts in South Korea believe that the variables that hinder the South Korean shipbuilding industry from monopolizing LNG ship orders are that China has a strong LNG purchasing power to support Chinese shipbuilding companies in ordering LNG ship orders. China is one of Qatar ’s largest LNG customers. In other LNG projects such as Russia, if China increases purchasing power, the monopoly advantage of the Korean shipbuilding industry in the LNG ship market is likely to be broken. South Korean shipbuilders expressed deep concern about the rise of Chinese shipbuilding companies, saying that "if Chinese shipbuilding companies continue to accumulate experience in LNG ship construction in the future, it may shorten the technological gap with South Korea sooner than expected." |
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