Samsung in gas shipbuilding surge
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[January 18, 2006]

Samsung in gas shipbuilding surge

(Lloyds List Via Thomson Dialog NewsEdge)SAMSUNG Heavy Industries, the world's third largest shipbuilder, is rapidly challenging its number two rival Daewoo Marine and Engineering as a leading builder of liquefied natural gas carriers.

Samsung's present vessel order book reveals that LNG carriers account for 46% of the total, or $7bn.

Gas carriers should contribute about half of this year's order procurement, based on estimates for at least 12-15 additional LNG carrier orders during the year.

With a backlog of 36 LNG carriers, Samsung's delivery schedule is all but full up to 2008 with room for only one or two more orders.

The Seoul branch of BNP Paribas is particularly upbeat on Samsung's LNG direction.

Its shipping analyst James Yoon said: 'The brighter than expected order cycle trend for 2006 supports our fundamental view of order volumes and pricing acting as the main share price catalyst for the shipbuilding sector.

'In the near term, we believe that the share price could even overshoot our new target price of Won17,000 depending on the level of positive order news flow in the coming months.

One positive is that SHI has the most comprehensive policy for hedging against foreign exchange fluctuations, and so future earnings should be safeguarded against the threat of a strengthening won and sentiment should remain positive relative to other shipbuilders 'in the light of recent forex-related concerns'.



In recent weeks a strengthening won has sent a frisson of concern through South Korea's shipbuilders as the currency hit 988 against the US dollar.

A strong currency and high steel prices did much to wipe out shipbuilders' profits in the first half of last year despite record vessel orders.

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