These newbuilding orders are to be dispersed to three nations: Korea, China, and Japan, depending on lead manager, importer, shipper, and orderer of LNG development project.

Once those pending LNG projects, namely LNG projects in Papua New Guinea, Australia and in Russia, start on development in earnest, LNG carrier newbuilding market will be vitalized again.

A fierce competition is also expected among Korean 'Big Three' with the best competitiveness in LNG carrier building market, STX Offshore & Shipbuilding, and Hudong-Zhonghua Shipbuilding, the sole shipbuilder in China with LNG carrier building experience.

Some Japanese shipbuilders are looking for orders from Japanese shipping giants and trading companies who secured shipment right, however, Japanese are far behind Korean and Chinese shipbuilders in meeting delivery date, ship types and price competitiveness.

An industry source said that major oil companies including ExxonMobil and Chevron's investment in LNG development project is to be approved shortly, and these large-scaled LNG development project will trigger around 15 LNG carriers newbuilding orders this year.

There was not a single LNG carrier newbuilding order last year, while six were ordered in 2008.

Seven LNG development projects promoted in Australia are expected to be approved this year, stated German AG bank in its report in January. It is estimated to produce 44m ton per year with full operation of the whole.

According to a LNG demand researcher Stanford Bernstein's projection, demand for LNG will increase by 17% year-on-year, which is about twice higher than those of last two years, 7.5%.

Mitsui OSK Line, the largest LNG shipping company, announced on Mar. 3rd that it signed a long term shipping contract of six LNG carriers with ExxonMobil regarding Papua New Guinea and Australia projects. Two out of the six LNG carriers were delivered by Hyundai Heavy Industries recently, and the rest four will be contracted at a Chinese shipbuilder for LNG carrier newbuilding and procurement.

Korean 'Big Three': Samsung Heavy Industries, Hyundai Heavy Industries, and Daewoo Shipbuilding & Marine Engineering, have been taking most of LNG carrier newbuilding orders leading world market for the last ten years.

Recent LNG carrier orders out in market by year were 69 in 2004, 42 in 2005, 35 in 2006, and 23 in 2007.

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