GAIL tipped to have picked Hyundai Heavy for 9 LNG carriers

GAIL tipped to have picked Hyundai Heavy for 9 LNG carriers

Hyundai Heavy Industries is being tipped in both Korean and Indian media circles as the winner of a very lucrative LNG ship order. Having looked at the merits of fellow Korean yards Daewoo and Samsung, energy giant GAIL is close to sealing a deal with Hyundai Heavy to build nine LNG carriers, giving the ailing yard a much needed $1.8bn fillip.

GAIL has signed a deal to take gas from the US on a 20-year contract starting in 2017.

GAIL had previously tendered for the ships, the stumbling block being that three of the nine had to be built on Indian soil. This part of the contract is now thought to have been waived as the ships are needed imminently.

For HHI, which suffered a dramatic loss in the first half this year, the order is a big win.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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