Ukraine tensions boost Asia LNG shipping stocks on demand hopes ajot.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ajot.com Daily Mail and Mail on Sunday newspapers.
Shares of Taiwanese and other Asian shipbuilders and shipping firms rallied yesterday on expectations that European countries might seek seaborne sources of natural gas as tension escalates with Russia over Ukraine.
Russia is Europe’s top gas supplier, with typically about one-third of flows traveling through Ukrainian pipelines.
A disruption of Russia’s supply to Europe is likely, the Eurasia Group has said, with Germany effectively freezing the approval process to start the new Nord Stream 2 gas pipeline.
For Europe to boost liquefied natural gas (LNG) imports from other countries such as the US, it would need more tankers to ship the fuel by
Shipbuilders have hit 70 percent of their targets for orders this year, but earnings are not living up to expectations.
An increase in prices for steel plate has hurt their bottom lines, along with sluggish order books from last year.
Korea Shipbuilding & Offshore Engineering (KSOE) has already surpassed its 2021 order target of $14.9 billion, winning contracts to build 49 container vessels, 12 very large crude oil carriers, and more. They total $16.8 billion already, or 113 percent of the target set for the entire year.
Samsung Heavy Industries (SHI) has achieved 71 percent of its target of $9.1 billion, and Daewoo Shipbuilding & Marine Engineering (DSME) 80 percent of its $7.7 billion target.
Orders books fill up for shipbuilders in 2021
Shipbuilders have hit 70 percent of their targets for orders this year, but earnings are not living up to expectations.
An increase in prices for steel plate has hurt their bottom lines, along with sluggish order books from last year.
Korea Shipbuilding & Offshore Engineering (KSOE) has already surpassed its 2021 order target of $14.9 billion, winning contracts to build 49 container vessels, 12 very large crude oil carriers, and more. They total $16.8 billion already, or 113 percent of the target set for the entire year.
Samsung Heavy Industries (SHI) has achieved 71 percent of its target of $9.1 billion, and Daewoo Shipbuilding & Marine Engineering (DSME) 80 percent of its $7.7 billion target.
Book Launching of Korean Translation of daily-sun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from daily-sun.com Daily Mail and Mail on Sunday newspapers.