World News
Chinese Shipyards Build Market Share for LNG Carriers
China is making fast inroads in the market for newbuild liquefied natural gas (LNG) tankers as local and foreign shipowners turn to its shipbuilders for the specialty vessels because long dominant yards in South Korea are fully booked.
Three Chinese shipyards - only one of them having experience building large LNG tankers - won nearly 30% of this year's record orders for 163 new gas carriers.
Chinese shipyards this year won 45 LNG tanker orders worth an estimated $9.8 billion, about five times their 2021 order values, Reuters reports citing shipping data from Clarksons Research.
By late November, Chinese yards had grown their LNG order books to 66 from 21, giving them 21% of global orders worth around $60 billion.
The LNG shipping sector has expanded as Western nations critical of Russia's war against Ukraine have sought alternative sources of natural gas. LNG has also established itself as a viable alternative to conventional bunker fuel in the shipping space.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 602.50 | 13.50 | 676.00 | 10.00 |
| Rotterdam | 540.50 | 6.50 | 665.50 | 18.00 |
| Houston | 552.50 | 21.50 | 685.50 | 25.00 |
| Fujairah | 592.50 | 17.50 | 783.00 | 10.00 |
| Global 20 Ports Average | 615.00 | 12.00 | 757.00 | 15.00 |
| Global 4 Ports Average | 572.00 | 14.50 | 702.50 | 16.00 |
| Global Average Bunker Price | 653.00 | 9.50 | 824.50 | 9.50 |
Popular Now More
-
Oct 07Based on a rough straw poll of its larger customers, World Fuel estimates about half of them are using additives in their fuel at least some of the time, the company tells Ship & Bunker. -
Oct 07The new hire was previously a small-scale LNG and bunker broker for Affinity Shipping in London. -
Oct 06The new hire previously worked for Oilmar from October 2020 to August of this year.