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Large Number of New LNG Carrier Orders Anticipated

Russia’s Ukraine Invasion is showing again how much Europe is dependent on Russian energy. Under the circumstances, German Chancellor Olaf Scholz announced on Feb. 27 that Germany would build two LNG terminals in order to reduce its dependence on fossil fuel supply from Russia.

A lot of European states are expected to follow suit, with Russia accounting for no less than 40 percent of Europe’s gas imports. European Commission President Ursula von der Leyen recently announced sanctions against Russia while stressing that measures have to be taken to reduce Europe’s reliance on natural gas, oil and coal from Russia.

The current situation implies that the number of new LNG carrier orders is highly likely to increase and South Korean shipbuilders, which are the most competitive in the industry, are likely to enjoy new opportunities. The number was 78 last year, including 68 that went to South Korean shipbuilders.

What is also implied is that the global offshore plant demand is likely to rebound. The European Union is planning to change its crude oil and natural gas procurement plans with international oil and natural gas prices continuing to rise. “Offshore oil and gas field development in Europe is expected to accelerate, which means Europe’s FPSO, FLNG and drill ship demands will increase,” said an industry source.
Source: Business Korea

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