[E-Daily Reporter Park Sun-Yeop ] Forecasts indicate that the boom in orders for liquefied natural gas (LNG) carriers will continue until at least 2032. Analysts estimate that an average of 90 to 110 vessels will be ordered annually, driven by the expansion of global LNG projects combined with demand to replace aging vessels. Ship prices are also expected to rise again in the second half of the year as large-scale orders, centered on U.S. projects, gain momentum.
Kim Dae-sung, an analyst at DS Investment & Securities, stated in a report on the 16th, “Considering global LNG projects and the demand for replacing scrapped vessels, the LNG carrier boom cycle is expected to last at least five years.”

As of the second quarter of this year, the total number of global LNG projects reached 174, setting a new all-time high. Currently, 53 projects are under construction, 27 are in the basic design phase, and 94 are in the proposal stage. DS Investment & Securities estimated that, based on the status of long-term supply contracts for projects in the basic design phase and factoring in the volume expected to reach final investment decisions in 2026–2027, an average of more than 90 LNG carriers per year will be needed through 2032.
The replacement of aging vessels is also expected to support order demand. A total of 64 LNG carriers have been scrapped so far this year, all of which were steam-turbine vessels over 20 years old. Analysts estimate that there are currently about 120 steam-turbine LNG carriers worldwide that are over 20 years old, making it highly likely that replacement demand will average 10 to 20 vessels per year over the next five years.
Domestic shipbuilders are already enjoying a strong order intake. The three major shipbuilders— HD HYUNDAI HEAVY INDUSTRIES(329180), SamsungHeavyIndustries(010140), and Hanwha Ocean(042660) —secured a total of $15.26 billion in commercial vessel orders in the first half of this year. HD HYUNDAI HEAVY INDUSTRIES met 59% of its annual target, while SamsungHeavyIndustries met 66% in the first half, raising the possibility that they will exceed their order targets again this year.
By vessel type, HD HYUNDAI HEAVY INDUSTRIES focused on gas carriers, securing orders for 14 very large gas carriers (VLGCs) and 12 LNG carriers. Hanwha Ocean secured orders for 6 LNG carriers and 14 tankers, while SamsungHeavyIndustries secured 13 LNG carriers.
In the second half of the year, orders are expected to increase further, driven by U.S. LNG projects. Large-scale orders of around 20 vessels each are anticipated from Woodside, ExxonMobil, and Venture Global. In China, a key competitor, 60–70% of the delivery slots for 2029 have already been filled, and Hudong Zhonghua—which has experience building LNG carriers—is understood to have secured about half of its 2030 slots as well. This suggests that the low-price bidding competition from Chinese shipbuilders may ease.
The contract prices for LNG carriers secured by South Korean shipbuilders are projected to rise from $250 million to $254 million per vessel in the first half of the year to $256 million to $257 million in the second half. With the three major shipbuilders maintaining high foreign exchange hedging ratios and ship prices in won terms rising steadily, this is expected to lead to improved sales and profitability going forward.
Significant growth is also expected in second-quarter earnings. DS Investment & Securities projected SamsungHeavyIndustries’ second-quarter operating profit at 375.3 billion won, an 83.2% increase from the same period last year. It estimated that HD HYUNDAI HEAVY INDUSTRIES would post an operating profit of 977.5 billion won, up 125.4%, and Hanwha Ocean would record an operating profit of 554.0 billion won, up 49.1%. The analysis suggests that the recognition of revenue from high-priced orders and an increased share of gas carriers will drive profitability improvements.
Analyst Kim assessed SamsungHeavyIndustries as the most undervalued company among South Korea’s major shipbuilders. He also highlighted the potential for orders in high-margin vessel types, such as floating LNG production facilities and floating data centers. He maintained a “Buy” rating on SamsungHeavyIndustries with a target price of 42,000 won.