Journalist

Kang Il-yong
  • LNG Price Spike Threatens Power-Rate Relief for Steel, Petrochemical Sectors Ahead of K-Steel Law
    LNG Price Spike Threatens Power-Rate Relief for Steel, Petrochemical Sectors Ahead of K-Steel Law A surge in liquefied natural gas prices following the outbreak of war involving the United States and Israel and Iran is expected to deepen concerns in South Korea’s electricity-intensive steel and petrochemical industries, which are highly sensitive to power costs. The jump in fuel costs could strengthen the government’s reluctance to expand electricity-rate relief, potentially disrupting steelmakers’ carbon-neutral plans and the petrochemical sector’s efforts to consolidate naphtha cracking capacity. Industry officials said on the 4th that the Ministry of Trade, Industry and Energy and the Ministry of Climate, Energy and Environment began consultations this month to draft an enforcement decree for the Special Act to Strengthen Steel Industry Competitiveness and Support the Transition to Carbon Neutrality, known as the K-Steel law, which takes effect in June. A key issue is whether the decree will include provisions to cut electricity rates. As domestic steelmakers accelerate a shift from coal-fired blast furnaces to lower-carbon electric arc furnaces in line with the government’s 2030 carbon-neutral policy and the European Union’s Carbon Border Adjustment Mechanism, electricity prices have become a major driver of production costs. The National Assembly and the industry ministry are said to be supportive of rate relief through the decree. But the climate ministry, which holds authority over electricity pricing, is negative. Experts cite Korea Electric Power Corp.’s heavy debt burden as a major reason. KEPCO had total debt of 206 trillion won and borrowings of 130 trillion won as of last year, leaving its finances under strain. KEPCO posted operating profit of 13.5248 trillion won last year, helped by four years of increases in industrial electricity rates to 181.9 won per kilowatt-hour and lower fuel costs as global LNG prices fell. However, with LNG prices rising sharply since the start of the year due to the Iran war, it is unclear whether strong results will continue this year. Industry officials expect that, amid firm opposition from the climate ministry, electricity-rate relief is likely to be excluded from the K-Steel law decree. If the anticipated relief does not materialize, major steelmakers such as POSCO and Hyundai Steel would likely have to revise their carbon-neutral road maps. The industry is expected to recalibrate domestic investment in electric arc furnaces and speed up plans to build an integrated electric arc furnace steel mill in Louisiana, where electricity costs are said to be 30% to 40% lower than in South Korea. The petrochemical industry says conditions are even tougher. Higher LNG prices threaten to blunt the impact of previously announced power-support measures, while prices for Middle Eastern crude oil and naphtha — key feedstocks for petrochemical products — have continued to rise. On Feb. 25, the government announced a support package for petrochemical integration, including financial, tax and cost measures, in exchange for cuts in commodity petrochemical output such as ethylene through the consolidation of naphtha cracking centers. HD Hyundai Chemical and Lotte Chemical at the Daesan industrial complex were named as the first beneficiaries. The package includes a plan to designate the Daesan complex as a distributed energy special zone, allowing companies to buy electricity directly from private power producers instead of KEPCO, addressing the difficulty of providing direct rate cuts to the petrochemical sector given KEPCO’s accumulated losses. The aim is to reduce distribution steps and transmission costs so petrochemical firms can use electricity at prices 4% to 5% lower than the general grid. But because most private generators rely on LNG, their power prices are highly sensitive to fuel costs. Unlike the general grid, where KEPCO can partially absorb fuel-cost shocks through measures such as freezing rates, companies worry that LNG price increases would translate directly into higher electricity bills on private networks. A petrochemical industry official said the spike in raw material prices tied to the Iran war was a severe blow for companies that had been getting some relief from higher commodity product prices. The official warned that if the war drags on, more firms may be unable to withstand mounting losses and could halt plant operations.* This article has been translated by AI. 2026-03-04 18:03:24
  • HMM Busan Relocation Plan Gains Traction as Major Shareholders Signal Support
    HMM Busan Relocation Plan Gains Traction as Major Shareholders Signal Support President Lee Jae-myung’s remarks, followed by signals of support from Korea Development Bank, a major shareholder, have brought a possible relocation of HMM’s headquarters to Busan back into focus. Industry watchers say the company could replace three outside directors whose terms end next month, then call an extraordinary shareholders meeting to revise its articles of incorporation to enable the move. Union opposition, including the possibility of a strike, remains a key variable. According to the industry on Wednesday, KDB Chairman Park Sang-jin said at a press briefing the previous day that the Ministry of Oceans and Fisheries and the Korea Ocean Business Corp. had presented a schedule to complete HMM’s move to Busan in March or April. “If the relocation is confirmed, we will actively support it,” Park said. The comments effectively formalized the relocation push in line with Lee’s presidential campaign pledge. KDB and the Korea Ocean Business Corp. are HMM’s No. 1 and No. 2 shareholders, holding 35.42% and 35.08%, respectively. The biggest obstacle is HMM’s articles of incorporation, which stipulate that the company’s headquarters is in Seoul. The company must revise the articles at a shareholders meeting before it can begin practical work for a relocation. Amending the articles requires a special resolution backed by at least two-thirds of shareholders present. With KDB, the Korea Ocean Business Corp. and the National Pension Service holding more than 70% of HMM shares, the government could secure approval if the item is put to a vote. Investment banking sources said the agenda for HMM’s regular shareholders meeting on March 26 is not expected to include an articles change. No such item was included in shareholder proposals that closed earlier this month. In the shipping industry, a leading scenario is that KDB and the Korea Ocean Business Corp. will replace the three outside directors whose terms expire at the regular meeting, convene an April board meeting to approve an articles-change proposal, and then seek shareholder approval at an extraordinary meeting in May. Practical work for the Busan move is expected to ramp up in the second half of this year. HMM’s onshore union, made up of employees working in Seoul, is strongly opposed. It is expected to begin rallies in the Yeouido area next week and hold a strike resolution rally in front of Cheong Wa Dae to block the relocation, according to reports. Under labor law, management decisions such as relocating a headquarters are generally not subject to lawful industrial action. However, that could change when the amended Trade Union and Labor Relations Adjustment Act, known as the Yellow Envelope law, takes effect next month. If a management decision is interpreted as having a substantial impact on working conditions, it could be treated as a legitimate subject of labor action. If an HMM strike materializes, it would be the first general strike at a major company since the law’s implementation, drawing close attention from business, labor and legal circles. 2026-02-26 18:04:31
  • SK chair sees profit from memory sales topping $100bn amid AI boom, wary of volatility
    SK chair sees profit from memory sales topping $100bn amid AI boom, wary of volatility SEOUL, February 22 (AJP) -The surging demand for artificial intelligence infrastructure could push operating profit at SK hynix beyond $100 billion in the near term, but the chip operation is equally at risk of an unprecedented volatility, said Chey Tae-won, chairman of SK Group. Speaking at the Trans-Pacific Dialogue (TPD) 2026 held Feb. 20–21 at the Salamander Washington DC, Chey said AI is fundamentally transforming industrial structures worldwide. The Trans-Pacific Dialogue (TPD) is an annual track-1.5 dialogue organized by the Chey Institute that brings together scholars, policymakers, and opinion leaders from the U.S., Japan, and Korea to discuss pressing global issues and challenges. “AI is restructuring global industries at their core,” he said. “It is driving extraordinary opportunities, but also unprecedented uncertainty.” Chey said market expectations for SK hynix’s earnings have risen sharply over recent months. “In December, estimates suggested operating profit this year would exceed $50 billion. Last month, that was raised to over $70 billion,” he said. “Now, some forecasts suggest it could surpass $100 billion.” He added that Morgan Stanley recently projected SK Hynix’s operating profit could reach 179 trillion won ($123 billion) this year. Despite the upbeat outlook, Chey warned against excessive optimism. “It sounds like great news, but it could also mean a $100 billion loss,” he said. “Volatility is extremely high. New technology can be a solution, but it can also wipe everything out.” He noted that the pace of change has become so rapid that even one-year business plans are losing relevance. Chey said AI adoption is fundamentally altering the structure of memory demand, creating acute supply shortages. “AI memory is in severe shortage, with the gap exceeding 30 percent this year,” he said. “AI infrastructure is absorbing almost all available memory chips.” He described high-bandwidth memory (HBM), SK Hynix’s flagship product, as a “monster chip.” “This monster chip is now the real money-maker for our company,” he said. “Its margins exceed 60 percent.” However, he said distortions have emerged in the market. “HBM margins are around 60 percent, but in some cases, conventional memory chips are generating margins close to 80 percent,” he said. “That creates a distortion where selling general-purpose chips can be more profitable.” Chey warned that industries outside the AI ecosystem face growing risks. “In non-AI sectors, even PC and smartphone makers are struggling to develop new applications,” he said. “Some of them may eventually exit the market.” “The shortage is completely reshaping the global industrial landscape.” Chey said AI’s impact is spreading beyond technology into energy and finance. “If power demand for AI is not met in time, society could face a major crisis,” he said. “We need environmentally friendly and stable energy systems built on new technologies.” He added that only countries and companies with sufficient capital and resources will be able to shoulder massive AI infrastructure costs and remain competitive. “In a race that cannot be paused, financial capacity will determine leadership,” he said. Trilateral cooperation key Chey emphasized the importance of cooperation among South Korea, the United States and Japan. “The change we face is not simply a challenge. It is a structural reality that will determine our survival,” he said. “How the three countries cooperate will shape the future order.” He called for moving beyond diagnosis to concrete solutions. Meeting with Korean correspondents on the sidelines of the forum, Chey explained his recent series of meetings with global tech leaders, including Jensen Huang, and executives from Meta Platforms and Microsoft. “I went to apologize for not being able to supply enough memory,” he said. “We simply cannot meet all customer demand right now.” On recent U.S. court rulings limiting tariffs imposed under the International Emergency Economic Powers Act, Chey adopted a cautious tone. “I will review the ruling before commenting,” he said. Chey also heads the Korea Chamber of Commerce and Industry. Regarding potential semiconductor tariffs, he added, “We need to see how negotiations unfold. It’s not something I can address in advance. Korea must respond as one team.” The forum was hosted by the Chey Institute for Advanced Studies, which brings together senior officials, scholars and business leaders from South Korea, the U.S. and Japan to discuss regional security and economic cooperation. Launched in 2021, this year’s event marked its fifth edition. Kim Yoo-seok, president of the institute, said the anniversary provided an opportunity to reassess the strategic value of trilateral cooperation amid rapid global change. “The institute will continue to focus on practical solutions in key areas such as AI and energy that shape national competitiveness,” he said. 2026-02-22 13:11:59
  • Lee Jae-myung Signals HMM HQ Move to Busan; Charter Change May Reach March Meeting
    Lee Jae-myung Signals HMM HQ Move to Busan; Charter Change May Reach March Meeting Lee Jae-myung said on social media that South Korea’s largest shipping company, HMM, will move its headquarters to Busan soon, drawing attention to whether the company will put a charter amendment on the agenda for its March shareholders meeting. HMM’s union said it will respond with a hard-line fight if the company tries to amend the charter and push the move without labor-management talks. According to political circles on the 19th, Lee reposted a message on X (formerly Twitter) by Jeon Jae-su and wrote, “Following the relocation of the Ministry of Oceans and Fisheries and the establishment of a maritime court, we will also set up an investment corporation for the Southeast region, and we will soon relocate HMM as well.” Moving HMM’s headquarters from Seoul’s Yeouido district to Busan was one of Lee’s key presidential campaign pledges. HMM’s charter stipulates that its headquarters is in Seoul. To relocate to Busan, the company must first amend its charter through a shareholders meeting. A charter amendment requires a special resolution backed by at least two-thirds of the shareholders present. But government-affiliated institutions including the Korea Ocean Business Corp., Korea Development Bank and the National Pension Service hold about 70% of HMM shares, meaning the government could change the charter and move the headquarters if the item is put to a vote. Attention has now shifted to HMM’s board. The company’s inside and outside directors, including CEO Choi Won-hyuk, were all appointed before the Lee administration took office. Still, because they entered the board with recommendations from major shareholders, they are seen as not fully independent from the influence of the Korea Ocean Business Corp. and Korea Development Bank. Investment banking sources said there are no clear signs yet that HMM’s board plans to place a charter amendment on the agenda for the March meeting. However, the board could still convene in late February or early March and submit the item to align with the Lee administration’s pace. HMM’s onshore union, meanwhile, has signaled strong opposition to a move without its consent. It argues that rushing to relocate the headquarters of the country’s largest shipping company ahead of June local elections, without a thorough review of operational efficiency, makes little sense. About 800 people currently work at HMM’s Yeouido headquarters. With revisions to the Trade Union and Labor Relations Adjustment Act, known as the “Yellow Envelope Act,” set to take effect in March, the possibility of a general strike by HMM’s onshore union also remains open. An industry official said, “If the Lee administration wants to push ahead with relocating HMM’s headquarters to Busan without disruption, it first needs to persuade HMM employees,” adding, “If it tries to move a corporate headquarters without employees’ consent, as in the past attempt to relocate Korea Development Bank to Busan, it will face significant backlash.” 2026-02-19 15:06:00
  • Hyosung Heavy wins $538 million power equipment deal in US
    Hyosung Heavy wins $538 million power equipment deal in US SEOUL, February 10 (AJP) - South Korea's Hyosung Heavy Industries said on Monday it had secured its largest order to date in the United States. The company signed a contract worth about 787 billion won ($538 million) with a major U.S. transmission grid operator to supply 765-kilovolt ultra-high-voltage transformers, reactors and related equipment. It described the deal as the largest single U.S. project ever won by a South Korean power-equipment manufacturer. Hyosung Heavy said it was also the first South Korean company last year to secure a U.S. order covering a full package of ultra-high-voltage equipment, including 765-kV transformers and 800-kV circuit breakers. U.S. electricity demand is expected to grow roughly 25 percent over the next decade, driven by rapid construction of artificial intelligence data centers and increased adoption of electric vehicles, the company said. Utilities are accelerating investment in 765-kV transmission networks, which enable large volumes of electricity to be transmitted over long distances with lower losses compared with 345-kV and 500-kV systems. Hyosung Heavy said it has supplied about half of the 765-kV transformers installed across U.S. transmission networks and has held the top market share in that segment since the 2010s. Its capability to produce equipment including 800-kV circuit breakers positions the firm as a comprehensive supplier for U.S. ultra-high-voltage projects, it added. Hyosung Heavy established its U.S. subsidiary in 2001 and became the first South Korean company to export a 765-kV transformer to the United States in 2010. Since 2020, it has operated a transformer manufacturing plant in Memphis, Tennessee, which the company said is currently the only U.S. facility capable of designing and producing 765-kV transformers. “With the spread of AI and data centers, power infrastructure has become a core industry directly tied to national security,” Chairman Cho Hyun-joon said in a press release. “Based on our Memphis production base and ultra-high-voltage technology, we aim to become an indispensable partner in stabilizing the U.S. power grid.” In 2020, Hyosung Heavy decided to acquire a Tennessee-based ultra-high-voltage transformer facility and invest a total of $300 million to expand capacity. Once expansion is completed, the Memphis plant is expected to have the largest production capacity of its kind in the United States. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-10 09:25:40
  • Doosan Bobcat walks away from bid to acquire Germanys Wacker Neuson
    Doosan Bobcat walks away from bid to acquire Germany's Wacker Neuson SEOUL, January 23 (AJP) -Doosan Bobcat is walking away from around $3 billion acquisition talks with German construction equipment maker Wacker Neuson SE, formally ending negotiations that would have marked one of the South Korean company’s largest overseas deals. In a regulatory filing on Friday, the KOSPI-trading Doosan Bobcat said it had reviewed the potential acquisition but decided not to proceed, without disclosing further details. Shares were up 1.3 percent at 60,800 won as of 1:00 p.m. in Seoul. “After reviewing the acquisition of Wacker Neuson, we have decided not to move forward,” the company said. Wacker Neuson separately confirmed that discussions would not continue. In a disclosure released late Thursday under the European Union’s Market Abuse Regulation, the Munich-based company said talks with Doosan Bobcat regarding the acquisition of a majority stake and a possible public takeover offer had been terminated. “The Wacker Neuson Group remains focused on executing its Strategy 2030, pursuing sustainable growth,” the company said. The decision brings to a close roughly a year of negotiations between the two compact construction equipment makers. Wacker Neuson last month said it was in “advanced discussions” with Doosan Bobcat over the sale of about 63 percent of its shares by major shareholders, followed by an all-cash public takeover offer for remaining shares. Investment banking sources said the deal fell through largely over valuation, with the proposed purchase price seen as too high amid a global slowdown in construction equipment demand. Analysts had estimated the total transaction value at more than 5 trillion won ($3.4 billion), which would have made it Doosan Bobcat’s largest acquisition since it bought the Bobcat brand in 2007. Wacker Neuson is the market leader in Europe’s compact construction equipment segment, while Doosan Bobcat dominates North America. The acquisition had been widely viewed as a strategic move to accelerate Doosan Bobcat’s expansion in Europe and diversify its geographic revenue base. Both companies have been facing softer market conditions. Doosan Bobcat reported declining sales in both North America and Europe in 2025, while Wacker Neuson has also posted revenue declines across its major regions, reflecting high borrowing costs and weaker construction activity. Doosan Bobcat said it would continue to explore strategic opportunities to strengthen its global presence, but stressed that any move would be guided by financial discipline. 2026-01-23 13:04:38
  • Canadian delegates tour Hanwha Oceans shipyard ahead of submarine bidding
    Canadian delegates tour Hanwha Ocean's shipyard ahead of submarine bidding SEOUL, January 23 (AJP) - South Korea’s Hanwha Ocean said Friday that an Ontario cabinet minister visited its Geoje shipyard this week, as the company steps up efforts to win Canada’s submarine project. Victor Fedeli, Ontario’s minister responsible for economic development, job creation and trade and a provincial lawmaker representing Nipissing, toured the shipbuilder’s Geoje facility, the company said. The visit comes ahead of bidding for Canada’s submarine procurement program. During the tour, Fedeli reviewed shipbuilding operations and production automation equipment, including welding robots. He also boarded the Jang Young-sil, a Jangbogo-III Batch-II submarine launched in October 2025, to inspect its capabilities. Hanwha Ocean briefed Fedeli on the design and production process for its proposed submarine model, highlighting the company’s large-scale shipbuilding infrastructure and production capacity. The company also outlined its industrial cooperation plans under Canada’s Industrial and Technological Benefits (ITB) program, a key requirement of the bidding. Hanwha Ocean said the plans include investment and job creation across Canada, including in Ontario. Hanwha Ocean said it aims to expand cooperation with Ontario, part of Canada’s Great Lakes region, and expects such partnerships to strengthen negotiations under the ITB framework by supporting regional industrial development and employment. “It is very meaningful to be able to introduce in person the latest submarines that have already been proven through the Republic of Korea Navy,” Hanwha Ocean Chief Executive Kim Hee-cheol said in a statement. He added that discussions on cooperation with Ontario-based companies demonstrate a “firm commitment to building sustainable submarine construction and maintenance, repair and overhaul capabilities in Canada.” Hanwha Ocean said it has recently signed memorandums of understanding with more than 10 Canadian companies for shipbuilding and industrial cooperation. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-23 10:04:44
  • HMM to deploy AI navigation system on 40 ships in HD Hyundai tie-up
    HMM to deploy AI navigation system on 40 ships in HD Hyundai tie-up SEOUL, January 16 (AJP) - HMM said Friday it will deploy an artificial intelligence–based autonomous navigation system across 40 vessels, stepping up efforts to improve efficiency and cut emissions through advanced maritime technology. The South Korean shipping company will introduce the system through a technical partnership with HD Hyundai affiliates HD Korea Shipbuilding & Offshore Engineering and Avikus, a developer of autonomous navigation solutions. A contract-signing ceremony was recently held at HD Hyundai’s global research and development center in Pangyo, attended by senior executives from the three companies. Under the agreement, HMM will equip 40 ships with Avikus’s autonomous navigation technology. Unlike conventional systems that provide navigational assistance, the AI-based platform is designed to independently calculate optimal routes, with the aim of enhancing operational safety, improving fuel efficiency and reducing carbon emissions, the company said. HMM said it plans to consider a broader rollout across its fleet based on performance results. The partnership also includes joint research to further develop autonomous navigation technology. HMM will apply the system in commercial operations and share operating data, Avikus will supply and upgrade the navigation software, and HD Korea Shipbuilding & Offshore Engineering will provide ship platforms and technical support, the companies said. “AI-based technology is a core tool for strengthening competitiveness in a digital and environmentally sustainable shipping ecosystem,” HMM said in a press release. The firm said autonomous navigation represents a potential “game changer” for both shipbuilding and shipping. 2026-01-16 09:54:50
  • South Korea urged to diversify strategic mineral sourcing amid China risks
    South Korea urged to diversify strategic mineral sourcing amid China risks SEOUL, January 08 (AJP) - China’s curbs on exports of strategic minerals, including rare earths, are intensifying calls for South Korea to accelerate efforts to stabilize its supply chain, with business and academic circles urging the government to diversify sourcing and offer stronger incentives for refining and processing. South Korea’s government-led drive to secure strategic minerals has largely stalled for more than a decade. While trading houses and materials companies have periodically sought supplies outside China, officials said policy support has remained fragmented and insufficient. Industry officials contrasted South Korea’s approach with Japan, which suffered widespread industrial disruption after China restricted rare earth exports during a dispute over the Senkaku Islands. Since then, Japan has spent more than a decade expanding supply chains through long-term investments in Southeast Asia, South America and Africa, maintaining continuity regardless of changes in government. In October last year, Japan launched a critical minerals and rare earth supply-chain framework with the United States and Australia aimed at reducing dependence on China. Tokyo has also increased research and development spending on alternative materials to replace China-sourced rare earths used in wind turbines, electric-vehicle motors and batteries. Japanese automakers, including Honda and Toyota, have reported progress from those efforts since last year. The United States, which the report said has faced what it describes as China’s weaponization of strategic minerals since early last year, is also moving more quickly to cut reliance on China. Measures include restarting domestic graphite mining for the first time in 70 years. U.S.-based Titan Mining plans to produce 40,000 tons of graphite a year — roughly half of U.S. demand — with commercial sales targeted for 2028. The company’s expansion is backed by subsidies under the Inflation Reduction Act and direct federal support, the report said. Chief Executive Rita Adiani said China could no longer be regarded as a reliable supply-chain partner, adding Titan would supply “a significant portion” of U.S. needs. In South Korea, experts said the government should move faster to diversify strategic-mineral supply chains. Kang Cheon-gu, a visiting professor at Inha University’s Graduate School of Manufacturing Innovation, said state-level efforts were needed to expand sourcing from rare earth-producing countries outside China, including Australia, Indonesia, Malaysia and Vietnam. He also called for tariff exemptions on imports from those countries and long-term investment to secure overseas mines. Business groups are also urging broader government support for companies that help stabilize strategic-mineral supply chains, citing policies adopted in the United States and Japan. They argue South Korea should make more active use of the National Growth Fund, including direct investment and indirect support such as tax incentives for companies including Korea Zinc and Posco Future M. Korea Zinc, backed by large-scale U.S. government investment, has decided to build a smelter in the United States to produce 11 strategic minerals — including antimony, indium, gallium, germanium and bismuth — sectors long dominated by China. Posco Future M said it will invest in Saemangeum to build a plant capable of producing 37,000 tons of spherical graphite a year, with completion targeted for the third quarter of next year. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-08 08:57:23
  • Samsung Heavy wins $520 million order for two LNG carriers
    Samsung Heavy wins $520 million order for two LNG carriers SEOUL, January 02 (AJP) - Samsung Heavy Industries said on Friday it has secured an order worth 721.1 billion won ($520 million) for two liquefied natural gas carriers. In a regulatory filing, the company said the contract was signed in December and that the vessels are scheduled for delivery in stages by September 2028. The name of the shipowner was not disclosed due to contractual confidentiality requirements, a common practice in shipbuilding deals involving commercial and strategic considerations. With the latest deal, Samsung Heavy said it booked total orders worth $7.9 billion for 43 vessels in 2025, surpassing its 2024 results of $7.3 billion for 36 ships. Orders last year included 11 LNG carriers, nine shuttle tankers, nine container ships, two ethane carriers, 11 crude oil carriers and a preliminary contract for offshore production facilities, the company said. As of the end of 2025, Samsung Heavy’s order backlog stood at 133 ships valued at $28.6 billion. A company official said Samsung Heavy exceeded the previous year’s order performance by prioritizing profitability and selectively accepting contracts, supported by a stable backlog, despite a volatile global business environment marked by U.S.-led trade tariff pressures. The official added that the company expects solid order momentum to continue this year, citing a recovery in demand for LNG carriers. 2026-01-02 15:30:03