South Korean shipyards built 75% of all new liquefied natural gas (LNG) carrier vessels in 2023, according to the latest data from the International Group of Liquefied Natural Gas Importers (GIIGNL).
The number of LNG ships increased by 41 last year to 772, including 51 Floating LNG Storage and Gasification Units (FSRU), the figures showed.
Of the 41 vessels delivered to LNG operators in 2023, South Korea manufactured 31; China produced eight; and Japan built just one.
Hyundai built 22 ships, Hanwa Ocean built three ships, and Samsung built one. Chinese companies HudongZhonghua built six ships, while Huangpu Wenchong and Nantong CIMC SOE built one ship each.
The average capacity of the ships delivered last year was around 170,255 cubic meters.
Last year, the number of ships taken out of service for various reasons totaled seven, while seven were scrapped.
- Operational global LNG cargo capacity increases
The global LNG cargo capacity increased to 114 million cubic meters, although the operational capacity, considering the number of ships in active service, reached 113 million cubic meters.
In 2023, 66 new ships were ordered, raising the total orders to 341 with a capacity calculated at 58 million cubic meters.
- First five months of year sees 78 new ship orders.
According to the VesselsValue website, which compiles data on the shipping industry, 78 ships were ordered in the first five months of this year, each with an average price of $269 million and a capacity of 174,000 cubic meters.
The Russia-Ukraine war that started in February 2022 and Houthi attacks on commercial ships in the Suez Canal, where 15% of global maritime trade is carried out, were two factors that influenced the increase in LNG ship prices.
The price of newly built LNG vessels, which hovered between $180 million and $190 million before the Russia-Ukraine war, saw substantial increases last year to between $250 million and $257 million.
Prices in the first few months of this year showed further price rises to between $260 million and $270 million.
By Fuat Kabakci
Anadolu Agency
energy@aa.com.tr