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KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD.

(A009540)
  Report
End-of-day quote Korea Stock Exchange  -  2022-10-06
80100.00 KRW   +0.63%
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Tight Asia capacity limits room for new LNG ships - Korea Shipbuilding exec

06/02/2022 | 02:53am EDT
FILE PHOTO: A LNG tanker is tugged towards a thermal power station in Futtsu

SEOUL, June 2 (Reuters) - Korea Shipbuilding & Offshore Engineering (KSOE) has mostly filled its order book for the next 2-1/2 years as the pandemic drove demand for container ships, leaving little room to meet the needs of the liquefied natural gas (LNG) sector, a senior company executive said.

With U.S. LNG exports rising, more LNG carriers are traveling longer distances to customers in North Asia and Europe while European countries have snapped up floating storage and regasification units (FSRUs) as they ramp up LNG imports to replace Russian gas supplies in the wake of the Ukraine crisis.

However, shipyards in South Korea and China are unable to accommodate demand for new LNG vessels as they work to meet a flood of orders for new container ships following global supply chain disruptions and port congestion that have held up ships in the United States and China. This supports spot chartering rates for LNG carriers which have hit all-time highs. "A huge volume of new-build orders have taken up slots in China and South Korean shipyards," K.W. Kim, senior vice president at Hyundai Heavy Industries, flagship unit of the world's largest LNG carrier builder KSOE, told Reuters.

KSOE's capacity is nearly full with orders stretching to 2025, he said, adding that container ships and LNG carriers each account for about 30% of slots. KSOE builds 20 to 22 LNG carriers per year.

South Korean shipyards are also struggling to operate due to labor shortages while grappling with prices nearly doubling for key material steel plates, Kim said.

"At this moment, we can't receive new orders for FSRUs," he added.

In 2020, Qatargas and TotalEnergies had booked shipbuilding slots for LNG projects in Qatar and Mozambique respectively, he said, while U.S. LNG producers are also seeking more vessels as they ramp up exports.

"Shipowners enjoy good charter rates," Kim said.

About half of the new-build orders for commercial vessels are for ships equipped with dual fuel engines - either LNG or methanol - with oil, he added. Hyundai Heavy is building container ships for A.P. Moller-Maersk that run on methanol.

Kim said there is also a rise in demand for smaller oil tankers - Aframax and Medium-Ranged sized vessels - as Europe looks to import more oil products from elsewhere to replace Russian supplies.

(Reporting by Joyce Lee and Florence Tan; Editing by Sonali Desai)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AP MOLLER MAERSK -2.29% 14050 Delayed Quote.-38.68%
HYUNDAI CORPORATION -0.31% 16250 End-of-day quote.-3.27%
HYUNDAI HEAVY INDUSTRIES CO., LTD. -2.01% 122000 End-of-day quote.28.15%
HYUNDAI MOTOR COMPANY -1.40% 175500 End-of-day quote.-16.03%
KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD. 0.63% 80100 End-of-day quote.-15.33%
QATAR GAS TRANSPORT COMPANY LIMITED (NAKILAT) (QPSC) -0.10% 4.096 End-of-day quote.24.12%
S&P GSCI NATURAL GAS INDEX -2.36% 318.7471 Real-time Quote.85.21%
S&P GSCI PETROLEUM INDEX 3.59% 361.1788 Real-time Quote.27.13%
TOTALENERGIES SE 2.59% 52.6 Real-time Quote.14.88%
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Analyst Recommendations on KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD.
More recommendations
Financials
Sales 2022 18 176 B 12,9 B 12,9 B
Net income 2022 -210 B -0,15 B -0,15 B
Net Debt 2022 788 B 0,56 B 0,56 B
P/E ratio 2022 -26,5x
Yield 2022 -
Capitalization 5 664 B 4 023 M 4 023 M
EV / Sales 2022 0,35x
EV / Sales 2023 0,30x
Nbr of Employees -
Free-Float 58,6%
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Technical analysis trends KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD.
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 79 600,00 KRW
Average target price 113 272,73 KRW
Spread / Average Target 42,3%
EPS Revisions
Managers and Directors
Sam-Hyeon Gah Vice Chairman & Chief Executive Officer
Ki-Sun Chung President & Director
Jin-Soo Park Managing Director & Head-Finance
Sam-hyun Ka Chairman
Tae-Jung Kim Head-Compliance Support