Korea’s shipbuilding industry exports 500th LNG carrier

Korea's shipbuilding industry has achieved a milestone by exporting its 500th domestically-built liquefied natural gas (LNG) carrier. This achievement comes 30 years after the first LNG carrier was exported in 1994.

According to the Ministry of Trade, Industry, and Energy, Minister Ahn Dukgeun attended the naming ceremony of the LNG carrier ‘Orion Spirit’ at Samsung Heavy Industries Geoje shipyard on Thursday. The Orion Spirit, the 500th LNG carrier to be exported from Korea, will be delivered to JP Morgan in the United States.

LNG carriers are vessels designed specifically for transporting ultra-low temperature liquefied gases at minus 163 degrees Celsius. Only nine countries in the world have experience in building them, as they require advanced shipbuilding technology. The cost per ship exceeds 300 billion won, making it a representative high-value vessel.

Korea is a leading LNG carrier powerhouse. According to the Ministry of Trade, Industry, and Energy, there are currently 680 LNG carriers in operation worldwide, with nearly three-quarters of them built in Korea. Additionally, another 256 vessels are currently under design or construction in Korea.

Korea's shipbuilding industry secured ship orders worth $13.6 billion in the first quarter of this year, reclaiming its position as the world's number one shipbuilder after nearly three years, surpassing China. “We will prioritize the 'K-Shipbuilding Initiative,' launched last month, to acquire ‘super-gap’ technologies in shipbuilding and address labor-related challenges,” Minister Ahn said.


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