Samsung Heavy Rises to Highest Since 2007 on $1.2 Billion LNG Ship Orders

[phantom power]

Samsung Heavy Industries Co., the world’s second-largest shipyard, received orders to build six liquefied natural gas carriers worth a total $1.2 billion as demand for the fuel surges, prompting a jump in the shares.

Seoul-based Samsung Heavy gained 3.6 percent to 45,650 won as of 10:49 a.m. on the Korea Exchange, set for the highest close since November 2007. Other shipbuilders also advanced. Hyundai Heavy Industries Co. climbed 0.7 percent. Daewoo Shipbuilding & Marine Engineering Co. advanced 2.8 percent. The Kospi Index (KOSPI) was little changed.

The record earthquake in Japan that crippled nuclear reactors has spurred increased demand for natural gas. Only 10 new LNG tankers have been ordered worldwide in the past three years, creating the smallest backlog among major commercial- vessel types, according to Mirae Asset Securities Co.

“Optimism about LNG vessel demand is driving many shipyards higher,” said Song Seong Yeob, a fund manager at Seoul-based KB Asset Management Co., which manages $21 billion in assets. “Higher oil prices are also boosting expectations for drilling facilities and vessels.”

http://www.bloomberg.com/news/2011-04-11/samsung-heavy-rises-to-highest-since-2007-on-1-2-billion-lng-ship-orders.html

[FBaggins]

1. $4/MMBtu here, vs $10/MMBtu in europe... plus new demand from Japan...

... hard to not see this coming eventually (along with export facilities).

[madokie]

2. They gonna destroy our water so they can sell the gas they get after fracking

sorry ass greedy bastards. Damned if we don't need to change our ways.
Ok I was reading an article that was saying that some of the gas they're fracking up is going to be sold and used elsewhere. No link though, sorry

[FBaggins]

3. What's your take...

...on the oil drilled in the Middle East and sold here?

[BeFree]

4. My take is...

.... that we should be free of Middle East oil. Same many have had for years and years.

As for the environmental take... well... same as the first.