(MENAFN) According to Reuters, China's shipyards received about $10 billion in contracts for the building of LNG carriers this year, citing information from maritime data source Clarksons Research.
In accordance with the article, Chinese LNG tanker contracts have quadrupled this year, with 45 orders as of late November, for a total of 66 vessels. This increases China's share of worldwide LNG carrier-building contracts to 30%, up from 9% last year. The bookings are projected to be worth $9.8 billion, or almost one-fifth of the overall LNG ship order value for this year.
Based on the research, this year has seen record high demand for new LNG tankers, with a global total of 163 orders worth roughly $60 billion. The increase in demand comes as EU nations seek to replace their Russian pipeline gas imports, which have been decreasing owing to sanctions and efforts to transition away from Russian energy.
Analysts attribute the rise in Chinese commissions on South Korea's incapacity to accept fresh orders.
Li Yao, founder of consultancy SIA Energy, informed the outlet, “As more Chinese gas traders engage local shipyards, they will be forced to climb the learning curve and eventually grow the whole industry.”
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