[Asia Economy Reporter Minwoo Lee] Domestic shipbuilding companies are showing strong performance in related stocks following the news of winning a large-scale liquefied natural gas (LNG) project in Qatar.
As of 9:49 AM on the 3rd, Samsung Heavy Industries is trading at 6,610 KRW, up 12.22% from the previous day. Daewoo Shipbuilding & Marine Engineering (7.12%) and Korea Shipbuilding & Offshore Engineering (3.98%) are also on the rise.
Shipbuilding-related equipment companies are also strong. Chosun Wire & Cable has hit the upper price limit for two consecutive days, trading at 131,000 KRW. KSP (20.17%) and Oriental Precision (15.70%) are also showing strength.
The news that domestic shipbuilders have secured a large-scale project worth 23 trillion KRW from Qatar appears to have acted as a positive factor. On the 1st, Qatar Petroleum (QP), Qatar's state-owned oil company, announced that it had signed contracts securing LNG shipbuilding slots with Samsung Heavy Industries, Hyundai Heavy Industries, and Daewoo Shipbuilding & Marine Engineering. Since it is common to secure shipbuilding slots before formal orders, a large-scale shipbuilding contract is expected to follow. The scale of this project promoted by QP is known to reach 23.6 trillion KRW.
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