Natural gas production and liquefied natural gas (LNG) exports, including in the United States, could get a boost from a relatively new and not-so-self-evident revenue stream the global shipping industry. Driven by stricter sulfur emissions standards and the ongoing global drive towards a lower-carbon future, the world’s top shipping operators and manufacturers are raising the share of vessels in the fleet powered by alternative fuels. LNG has so far emerged as the top choice among fuels alternative to marine gasoil and low-sulfur fuel oil to power ships, paving the way for another growth opportunity for the natural gas and LNG industries.
Originally published 9/29/2020; updated 12/11/2020
In early September, Doosan Infracore Co., South Korea’s largest construction equipment maker, announced the opening of preliminary bidding for a controlling stake in its operations. At that time, Hyundai Heavy Industries Group emerged as a top-tier bidder. On December 10th, it was announced that Hyundai Heavy has been selected as the preferred bidder. Respective parties including creditors were informed Thursday morning.
The sale of Doosan Infracore is part of the restructuring process for the beleaguered Doosan Heavy Industries & Construction, which was facing a 4.2 trillion won debt load scheduled to come due before the end of the year. The power plant builder took a major hit when the South Korean government chose to depart from nuclear and coal power.