According to a new report from Reuters, shipping data provider Clarkson’s Research has revealed that China is seeing record demand for the construction of liquified natural gas (LNG) tankers this year, with more than $10 billion in orders racked up.

So far this year LNG tanker contracts in China have tripled to 45 orders for 66 vessels as of late November. This surge in orders means China is now home to 30% of global LNG carrier-building contracts. That is compared to only 9% last year. The orders will be worth an estimated $9.8 billion, which is roughly one fifth of this year’s total LNG tanker order value.

In the report, Reuters notes that this year has seen record demand for new LNG tankers amid the energy crisis in the EU following the cessation of Russian pipeline gas flows. Reportedly the global total of 163 orders for new tankers has been worth $60 billion.

Experts have pointed out, south Korea’s inability to handle new orders for tankers is one explanation for the surge in Chinese orders.

Traditionally, South Korea is the go-to manufacturer for LNG tankers. Roughly two-thirds of the global LNG tanker fleet was produced by South Korea. However this year Qatar, the world’s top exporter of LNG, has completely booked all of South Korea’s shipyards in hopes of acquiring the necessary shipping capacity to service its ambitious new North Field expansion.

According to the report, the Chinese orders were primarily from domestic buyers, however there were also 19 commissions from overseas.

Analysts say China’s ship-building industry will be expanded considerably following this rush of orders this year.

Li Yao, founder of consultancy SIA Energy, said, “As more Chinese gas traders engage local shipyards, they will be forced to climb the learning curve and eventually grow the whole industry.”