Korea to Build LNG Carriers for Russia

A Korean company has received a contract to build 15 ice-breaking LNG carriers for Russia, the President of South Korea Moon Jae-in said while speaking at the Eastern Economic Forum in Vladivostok on Thursday, September 7.

News ID: 76186

Date: 10 September 2017 - 11:26

According to MANA, The tankers are said to be intended for the transportation of liquified natural gas from the Yamal LNG project.

However, the name of the shipyard entrusted with the construction was not revealed.

“The Republic of Korea ranks first in the world when it comes to shipbuilding. Korea’s shipbuilding companies account for 64 percent of the total volume of large-capacity tankers. Thus, it would not be an overstatement to say that Korea has the world’s best technology,” Moon Jae-in said.

Last month, Rusian shipping company Sovcomflot said that it had hired South Korean shipbuilder Samsung Heavy Industries for the construction of a fourth in a series of Arctic shuttle tankers to service the Novy Port project. The 42,000 DWT tanker is slated for delivery in 2019.

“The Republic of Korea received a contract to build a large LNG-powered oil tanker for Russia. This historical event makes international sea navigation environmentally friendly.

“The ice-breaking LNG tanker and the LNG-powered tanker will serve to boost the expansion of imports of Russian gas to other countries,” he added.

The order came on the heels of the completion of Christophe de Margerie‘s maiden voyage, the world’s first ice breaking LNG carrier. The vessel transported liquefied natural gas (LNG) through the Northern Sea Route from Norway to South Korea.

“The ship arrived in Korea from Norway along the Northern Sea Route without needing any assistance from an icebreaker,” Moon Jae-in commented.

As explained, due to the use of the Northern Sea Route, the distance, time plus transportation costs have dropped by a third as compared to the Southern Sea Route across the Suez Canal and the Indian Ocean.

“Korea and Russia have demonstrated to the world a new model of cooperation,” he stressed.

The bilateral cooperation has also seen Korean shipbuilders ink several deals with Russia’s new shipbuilder Zvezda Shipbuilding Complex.