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South Korean shippers partner up for Qatari LNG newbuilds

South Korean shippers partner up for Qatari LNG newbuilds

A recent announcement shows that five shilbuilder company of South Korea possibly come together for new projects in Qatar

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Five South Korean shipping companies -Korea Line, Pan Ocean, SK Shipping, Hyundai LNG Shipping and H-Line Shipping -  announced that they might partner up to secure liquefied natural gas transportation services for Qatar’s LNG production capacity expansion project.

According to Yonhap News Agency, the five shipping businesses teamed up to present their plans in Qatar’s capital city Doha this week. While South Korea’s major shipbuilders are considered the favorites to take the LNG carrier construction orders from Qatar due to their dominant presence in the LNG ship market, local shippers are hoping they can secure contracts to operate the vessels, said the report.

Qatar Petroleum is scheduled to award contracts to shipowners in June 2020, with time charters on the ships set to be agreed by the end of 2020. Qatar Petroleum is expected to put up shipping contracts for at least 40 LNG carriers by the end of the year for its North Field Expansion project.

Maritime Business World 

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