Shipbuilders, old and new, feast on record LNG tanker orders

Big order: An LNG tanker is guided by tug boats at the Cheniere Sabine Pass export unit in Louisiana. China’s demand for tankers is driven by a need to ship 20 million tonnes a year from the United States. — Reuters

SINGAPORE: China is making fast inroads in the market for new-build liquefied natural gas (LNG) tankers as local and foreign shipowners turn to its shipbuilders for specialty vessels because long dominant yards in South Korea are fully booked.

Three Chinese shipyards, only one of them having experience building large LNG tankers, won nearly 30% of this year’s record orders for 163 new gas carriers, claiming ground in a sector where South Korea usually captures most of the business.