Friday, October 17, 2014

Samsung Heavy scores $620M LNG ship carrier deal

Samsung Heavy Industries announced this week that it had won a $620 million order from an Asian ship owner for three LNG carriers.

SHI says the eco-friendly LNG carriers, which feature dual fuel engines, offer higher transport efficiency and lower gas emissions than previous LNG vessels. The 174,000-square-meter LNG carriers, which are due for delivery in 2018, will sail the Asia-bound route carrying U.S. shale gas.

U.S. shale gas projects such as Sabine Pass, Cameron, Freeport, Cove Point projects have recently won export approval from the Federal Energy Regulatory Commission.

It is anticipated that about 90 carriers will be needed for the transport of LNG. Of these 90, 60 still need to be ordered, which means more orders of LNG carriers in the near term, according to SHI.

"It is expected that more than 30 LNG carriers will be ordered annually, as LNG exports are expanding to the US, Australia, and East Africa," said a Samsung Heavy Industries spokesman. "As we have the No. 1 market share in the LNG carrier market, we will benefit from these orders."

SHI said it has received $6.5 billion in U.S. orders this year.

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