Hanwha Ocean inks 12 LNG carrier deal with unnamed client

Hanwha Ocean signed the MoA to build 12 liquefied natural gas (LNG) carriers with a client widely believed to be Qatar Energy, the state-run energy company of Qatar, according to Korean press outlets.

South Korea’s HD Hyundai Heavy Industries was awarded a contract to build 17 modern LNG carriers in another deal widely linked to QatarEnergy, in September 2023. The deal, valued at QR14.2Bn (US$3.9Bn), marked the start of the second phase of QatarEnergy’s LNG ship acquisition programme. 

Another major building contract followed in February 2024 when Samsung Heavy Industries reported its KRW4.6Tn (US$3.4Bn) contract to build 15 liquefied natural gas carriers and press reports linked the deal to the second phase of Qatar’s giant LNG project. 

Rumours about Qatar Energy’s newbuilding slot reservations predicted as many as 40 reservations are thought to be in place across multiple shipyards. In late January 2024, marine engine group WinGD said QatarEnergy would soon make decisions on the specifications for the remaining vessels to be ordered.

QatarEnergy’s LNG shipbuilding programme will support its expanding LNG production capacity from the North Field LNG expansion in the Middle East and Golden Pass LNG export projects in the US as well as its long-term fleet replacement requirements.

Some 49 mta of new capacity is considered likely to come online during 2027 and 2028, increasing Qatar’s liquefaction volume from 77 mta to 126 mta, and requiring more than 90 LNG carriers holding an average of 170,000-m³ of cargo capacity to transport. QatarEnergy also plans to offtake 70% of the capacity from the US’ Golden Pass LNG project, with the remaining 30% to be marketed by ExxonMobil. In total, Qatar reserved 151 newbuilding slots across Asian shipyards to meet its upcoming cargo transport needs.