Shipbuilders Profit from High-value Products
 
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Shipbuilders Profit from High-value Products

      12/1/2005

South Korean shipbuilders are profiting more from selling high-value units such as offshore plants and liquid gas carriers. Daewoo Shipbuilding and Marine Engineering, the world’s second largest shipbuilder and the largest liquefied natural gas (LNG) carrier builder, already has won a record-high $7 billion in building orders this year, which exceeds last year’s record of $6.6 billion. Such high performance was largely affected by the sales of four offshore oilrig units, which amounted to $1.9 billion in total. The LNG ship has become a lucrative business for shipbuilders, as a 145,000-cubic-meter carrier is now being sold for around $270 million.

Besides the satisfying results with LNG ships, Daewoo’s growth in oil rig sales is even more encouraging. They sold seven units each in 2000 and 2001, but all of those contracts were relatively small, amounting only $550 million in total. The sales of the offshore plants account for 28 percent of Daewoo’s total orders this year. The future also looks bright for the company as it sees that there will be around 20 more orders for offshore oil plants over next two to three years due to soaring oil prices.

Hyundai Heavy Industry, the world’s largest shipbuilder, is also benefiting from soaring oil prices and an increase in the demand for gas energy. It has won contracts to build 16 large liquefied petroleum gas (LPG) carriers this year, taking around 60 percent of worldwide market share. The company currently has a backlog of 32 vessels and has delivered 36 LPG carriers worldwide.


The Korea Times  


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