Japan's nuclear crisis may trigger a wave of LNG carrier newbuildings, says Korean shipyard analyst.
Renewed concerns about nuclear power could spur orders for more LNG newbuildings, a top South Korean shipbuilding analyst says.
"Demand for LNG is going to grow as a source of alternative energy, which could lead to a shortage of vessels," said Mirae Asset Securities' Sokje Lee.
Lee says parallels can be found between current events in Japan and the 2001 power outages in California.
"The power outages stemmed from grid issues, but at the same time triggered concerns over potential shortages in power generation," he said.
Lee says gas turbine power plants emerged as a quick solution, based on their relatively short construction period and environmental friendliness.
"LNG became the best solution for additional gas supply in the US and there followed a massive investment boom in LNG terminals and tankers."
He says around 214 LNG carriers were built over the following six years, mainly to support US power generations.
Lee said Japan's power shortage is triggering similar sentiments towards LNG-based power generation in the country as well as other nations.
"The biggest hindrance to their assuming this role is not scarcity of supplies of LNG, but a shortage of LNG carriers," the analyst argues.
Lee says order book-to-fleet ratios for LNG carriers have remained at only 7%; barely meeting the replacement demand.
A pick-up in demand will likely benefit South Korea's major shipyards, the builders of about 90% of gas carriers completed since 2000, according to Lee.
The global order backlog at the start of the month stood at 26, according to figures from shipbroker Clarksons. But the orders are starting to pick up.
Already this year the volume of contracting in the LNG sector has almost matched that seen in the whole of 2010, with more in the pipeline.
TradeWinds recently reported that John Fredriksen's Golar LNG Energy is looking for the best deal on six newbuilding slots in South Korea.
Elsewhere, shipowners are reported to have recently pitched their offers on a quartet of LNG newbuildings for Russia's Gazprom Global LNG (GGLNG). Sovcomflot, Teekay, NYK, K Line, MOL, Knutsen OAS Shipping, Maran Gas Maritime, AP Moller-Maersk, Hoegh LNG and Dynagas are all said to have submitted bids.
GGLNG initially tendered for up to four Atlanticmax-size vessels of 170,000-cbm. Brokers say the Russian owner wants ice-class ships with winterization and high specifications.
Fuente: Tradewinds
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