China has overtaken South Korea in monthly orders for liquefied natural gas (LNG) carriers for the first time, challenging its rival’s long-standing dominance in a high-value shipbuilding segment where demand is surging.
The country secured five of the seven large LNG carrier orders placed worldwide in October, compared with just two won by South Korean shipbuilders, according to data from British shipping consultancy Clarksons Research.
In the first 10 months of this year, Chinese shipyards secured 32 of the 76 large LNG carrier orders placed globally, while South Korean builders won 44.