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Business trends

South Korean shipbuilders land $20bn LNG tanker deals with Qatar

Rivalry with China heats up while Japanese players fall by wayside

Hyundai Heavy Industries' Ulsan shipyard. (Photo courtesy of Hyundai Heavy Industries)

SEOUL/DALIAN, China -- Three South Korean shipbuilders have secured roughly $20 billion in contracts to build liquefied natural gas carriers for Qatar, a major win in a growing rivalry between South Korean and Chinese players for leadership in the field.

State-owned Qatar Petroleum on Monday entered into agreements with Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries for construction of more than 100 LNG vessels. This represents the largest order for LNG vessels on record and essentially books out the three shipbuilders through 2027.

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