Korea Shipbuilding
LNG freight rate correcting after surging 66% over the past three months
The LNG freight rate has corrected to USD56,000/day as of Mar 9, from the peak of USD82,000/day seen in Dec 2017. The surge in the LNG carrier freight rate has to do with seasonality. Thus, we believe the rate will stabilize further this year as we come out of the high-demand season.
LNG order momentum picking up
In 2017, new LNG carrier orders hit 19 vessels (including six FSRUs), which was lower than the forecast made at the beginning of the year. However, since Dec 2017 there have been orders for 14 LNG carriers, which are comprised of: 1) charter ship orders for the new LNG plants to come on stream in 2020-2021; and 2) speculative orders seeking to take advantage of low newbuild prices.
Daewoo Shipbuilding & Marine Engineering is engaged in the manufacture of commercial vessels, offshore plant and specialty vessels. Co.'s products are included tanker, liquefied natural gas (LNG) carriers and liquefied petroleum gas (LPG) carriers, container carriers, roll-on roll-off carriers, chemical carriers, product tanker, and passenger ferry; fixed platform for offshore oil and natural gas production, RIG, FPSO/FPU; and submarine, destroyer, battle ships, submarine rescue vessels, AUV, and other specialty vessels. Also, Co. constructs roads, bridges, tunnels, wind power stations, and commercial buildings.
Hyundai Heavy Industries is engaged in the businesses of shipbuilding, offshore and engineering, engines and machinery, electro electric systems, industrial plant and engineering, and construction equipment. Co.'s shipbuilding division builds bulk carriers, crude oil carriers and liquefied petroleum gas carriers. Co.'s offshore and engineering division includes building oil- and gas-producing facilities. Co.'s engine and machinery division manufactures industrial machinery and turbines. Co.'s electro electric systems division manufactures gas insulated switchgears and transformers. Co.'s construction equipment division manufactures excavators, wheel loaders and forklifts.
Samsung Heavy Industries is engaged in shipbuilding and offshore, machinery and steel structure, and engineering and construction. Co.'s shipbuilding division is engaged in building and repairing ships, including oil carriage ships and passenger ships. Co.'s heavy industry division is engaged in the manufacture of diesel engines for vehicles, construction machinery, excavators, diesel lifts, rolling stocks, engines, air compressors, generators, heavy electric equipment and aircraft components.
Hyundai Motor Investment & Securities is the investment banking arm of the Hyundai Motor Group. The company offers stock brokerage and advisory services; derivative products brokerage and advisory services; wrap account portfolio management services; and VIP wealth management and tax planning, institutional equities, derivatives, and futures brokerage services, as well as sells investment and institutional products. It also provides equity offering, ABS, real estate PF and real estate PF securitization, offshore SOC, structured financing, asset securitization, real estate sales, IPO advisory, and private equity fund and fund management services; and CMA/RP portfolio management and fixed income based investments, as well as involved in the issuance, management, and brokerage of OTC derivatives. In addition, the company offers research services, including macro economic forecasts and stock market outlook, industry overviews and forecasts, fixed income strategies, corporate credit analysis, and valuation analysis. Further, it offers a range of retirement and pension services for individuals and corporate members; portfolios and asset allocation consulting and marketing services; proposing retirement pension plans; contract and payment management services; pension plan advisory and actuarial services; and system development and implementation services, as well as operates call centers for retirement pension services, etc.
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