{
  "id": 12348832,
  "title": "South Korea, China Clash Over LNG Carrier Market",
  "url": "https://urgent.news/2026/10/06/south-korea-china-clash-over-lng-carrier-market",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-06T09:56:39.000Z",
  "source": {
    "name": "BusinessKorea",
    "slug": "businesskorea",
    "url": "https://www.businesskorea.co.kr/news/articleView.html?idxno=278312"
  },
  "original_language": "en",
  "account": "The rivalry between South Korea and China has intensified in the market for large liquefied natural gas (LNG) carriers, high-value vessels. China's aggressive approach includes expanding shipyards and constructing larger vessels, while South Korea aims to maintain its lead by improving operational efficiency and advancing gas processing technologies. As of October 6, a total of 82 large LNG carriers have been ordered worldwide this year, with South Korean shipyards securing 44 orders, or 53.7% of the market. Chinese shipyards have secured 35 orders, or 42.7% of the market. The gap between the two nations, which was 29 vessels last year, has narrowed to within 10 vessels this year. China is investing in its capability to build LNG carriers, with five shipyards experienced in this sector, including Hudong-Zhonghua Shipbuilding, Jiangnan Shipyard, Dalian Shipbuilding Industry Company, China Merchants Heavy Industry, and Yangzijiang Shipbuilding. Hengli Heavy Industry, a new entrant, is also entering the market with a 'build first, sell later' strategy, building two large LNG carriers. The Chinese vessels range from 174,000 to 271,000 cubic meters, with the former being 56% larger than South Korean vessels. South Korean shipbuilders are focusing on increasing operational efficiency, reducing the number of cargo holds and improving the boil-off gas processing technology. South Korean shipbuilders have increased the LNG loading capacity of their vessels by changing the cargo hold structure and improving boil-off rate to 0.08%. Experts suggest that it is challenging for Chinese shipyards to replace South Korean shipyards' volume in the market, as LNG carriers take 3 to 4 years from order to delivery. However, barriers to entry in the market are lowering as Chinese shipyards secure licenses for LNG cargo hold design and technology.",
  "summary": "Fierce competition is unfolding between South Korea and China in the market for large liquefied natural gas (LNG) carriers, which represent high value-added vessels. As China initiates a pursuit by putting forward a volume offensive through shipyard expansion and the ultra-upsizing of vessels, the S",
  "key_points": [
    "South Korea secures 44 of 82 global LNG carrier orders this year.",
    "China's shipyards hold 35 of the 82 orders, 42.7% market share.",
    "Chinese vessels range from 174,000 to 271,000 cubic meters, larger than South Korean counterparts."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}