QatarEnergy contracts Samsung Heavy for 15 LNG carriers

QatarEnergy’s fleet expansion scheme proceeds apace with a contract signed today for 15 LNG carriers with Samsung Heavy Industries, the Korean yard with the world’s largest gas ship orderbook.

The contract, worth $3.44bn, will see all ships deliver by October 2028.

In October, HD Hyundai Heavy Industries confirmed a record-breaking $3.9bn deal to build 17 LNG carriers for QatarEnergy, while Hanwha Ocean, the other of Korea’s big three yards, is expected to conclude its own deal with QatarEnergy shortly.

LNG ship contracting at yards in Korea and China has been at record levels over the past three years and are showing up heavily in delivery schedules this year.

Data from Clarksons Research shows 89 LNG ships – with a combined 14.9 cu m capacity – are due to deliver this year, more than double the 10-year average, representing a 48% increase on the current record of 10.1m cu m delivered three years ago.

“With c.90% of vessels on order already committed to projects, although project slippage is always a risk, expectations remain for record start -ups and rapid trade growth across 2025-27 to absorb strong deliveries as the sector enters a major phase of expansion,” Clarksons noted in its most recent weekly report.