Photo courtesy of Yonhap News

 

[Alpha Biz= Paul Lee] An Iranian drone attack that halted operations at Qatar’s LNG export terminal is raising short-term earnings uncertainty for South Korea’s major shipbuilders, analysts said.

The companies potentially affected include HD Hyundai Heavy Industries, Samsung Heavy Industries and Hanwha Ocean.

Qatar declared force majeure after Iran targeted the Ras Laffan industrial complex, where the country’s LNG export facilities are located, forcing operations to stop. Disruptions around the Strait of Hormuz have also affected LNG shipping routes.

Analysts say shipowners could delay the delivery of LNG carriers ordered from Korean shipyards by invoking similar force majeure clauses, potentially affecting shipbuilders’ revenue and cash flow.

However, the impact is expected to be manageable given the relatively stable financial positions of the three shipbuilders. Over the longer term, geopolitical risks could even boost demand for LNG carriers if buyers shift supply away from Qatar to more distant sources such as the United States.

 

 

 

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