China Overtakes Korea in October LNG Carrier Orders, Challenging Korea’s Market Lead
South Korea’s long-standing lead in the global market for large liquefied natural gas (LNG) carriers is facing growing competition. China secured more LNG carrier orders than Korea in October, challenging its position in the high-value shipbuilding segment.According to Clarkson Research, a British s
China has overtaken South Korea in October LNG carrier orders, posing a challenge to Korea's market dominance in the high-value shipbuilding segment. According to Clarkson Research, a British market research firm, China secured five out of seven large LNG carriers ordered worldwide in October, while Korea won the remaining two. Global orders from January through October totaled 76 vessels, more than quadrupling the 17 ordered during the same period last year.
China's expansion has been led by Hudong-Zhonghua Shipbuilding and Jiangnan Shipyard, both securing multiple orders from overseas shipping companies. This shift in market dominance is attributed to China's growing position as the world's largest LNG importer and its lower prices, which have attracted cargo owners linked to Chinese projects.
Brief written by urgent.news from BusinessKorea's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
