“Entrusting expensive LNG carriers to China feels risky”…Order boom for South Korea’s shipbuilders from the start of the year in International Shipping News 21/01/2026 New LNG projects and replacement of aging vessels are expected to drive 115 global orders this year; HD Korea Shipbuilding & Offshore Engineering signed a 1.5 trillion won contract this month, and orders for high value-added ships such as ultra-large crude oil and ethane carriers are likely to increase. In the shipbuilding industry, orders are continuing to flow in for high value-added vessel types. Centered on Liquefied Natural Gas Carrier (LNG carrier) orders, the scope of contracts is expanding to include large gas carriers and tankers. According to industry sources on the 18th, HD Korea Shipbuilding & Offshore Engineering (HDKSOE) recently signed a contract with a shipping company in the Americas to build four LNG carriers worth 1.4993 trillion won. The contract also includes options for four additional vessels, raising expectations for further orders. Previously, Hanwha Ocean Co., Ltd. won an order last month for seven LNG carriers worth 2.5891 trillion won, and Samsung Heavy Industries also succeeded in securing an order in the same month for two LNG carriers worth 721.1 billion won. The industry expects orders for LNG carriers to increase this year. Last year, high ship prices and delays in Final Investment Decision (FID) on major LNG projects dampened ordering activity. Annual orders amounted to just 31 LNG carriers: seven for HDKSOE, 13 for Hanwha Ocean Co., Ltd., and 11 for Samsung Heavy Industries. This year, however, as FID decisions are being finalized one after another, particularly in the United States, expectations are rising for a resumption of ordering. According to Clarksons Research, global orders for LNG carriers are projected to reach 115 vessels this year. It explains that the expansion of new LNG project development, combined with replacement demand for aging vessels, will drive the increase in orders. French engineering company Gaztransport & Technigaz (GTT) is presenting an even more aggressive outlook. GTT estimates that around 150 new LNG carriers will be needed to transport the volumes produced from LNG projects that have already been approved. LNG carriers are a vessel type that requires advanced technology and are regarded as a flagship segment for South Korea’s shipbuilding industry. The industry believes that if ordering continues this year, a substantial portion of the contracts is highly likely to be captured by Korean shipbuilders. Although Chinese shipyards are rapidly improving their LNG carrier construction capabilities, global shipowners are still said to prefer Korean shipbuilders. As shipowners place a premium on proven construction track records, the technological prowess and reliability of Korean yards are seen as key competitive advantages. Byun Yong-jin, an analyst at iM Securities, said, “China’s LNG carrier construction capabilities are improving, but except for Hudong–Zhonghua Shipbuilding (Group) Co., Ltd., other shipyards still face a significant technology gap,” adding, “Because it is unlikely that global LNG shipping companies will place many orders in China, we expect South Korea to maintain its dominance in LNG carriers for the time being.” The order momentum centered on LNG carriers is also spreading to other high value-added vessel types. Since the start of the year, Hanwha Ocean Co., Ltd. has secured an order from