qatar eyeing orders for 60 new lng tankers 768x543

Qatar plans to order 60 liquefied natural gas (LNG) carriers, Qatari Minister of Energy Saad bin Sherida Al-Kaabi unveiled at a summit held between Qatar and South Korea.

A Qatari delegation had recently been dispatched to Korea to study the possibility of adding 60 new LNG tankers to Qatar’s existing fleet of 50 carriers, according to a statement from the Presidency of the Republic of Korea.

Furthermore, Minister Saad is quoted as saying that Qatar expects good cooperation with the Korean counterparts as they work on introduction of Korean-built LNG carriers.

As disclosed, one of the topics discussed was also construction of LNG-fueled vessels, which is of particular importance for newbuilds especially ahead of the implementation of the global 2020 sulphur cap.

“Korea and Qatar are both situated on a peninsula and thus the shipping industry is very important. The two countries’ common shipping and harbor foundation can lead to mutual development. The shipping industry is recently undergoing a transition to eco-friendlier vessels due to maritime and air pollution. This transition to liquefied natural gas-powered vessels will help expand demand for LNG,” Korean President Moon Jae-in said.

South Korean shipbuilders have a long and enviable reputation and know-how with regard to the construction of LNG carriers, and 2018 has seen a major boost in demand for Korean-built newbuilds.

Specifically, the country’s Big Three shipbuilders, Hyundai Heavy Industries Corporation, Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering (DSME) secured orders for over 61 LNG carriers in 2018 and expect the ordering streak to continue.