Korea Shipbuilding & Offshore Engineering Secures Order for 2 LNG Carriers Worth 425 Billion KRW

[Asia Economy Reporter Park So-yeon] Korea Shipbuilding & Offshore Engineering, the shipbuilding holding company of Hyundai Heavy Industries Group, has succeeded in securing orders for two LNG carriers.

Korea Shipbuilding & Offshore Engineering announced on the 2nd that it recently signed a construction contract with a European shipping company for two 174,000㎥ LNG carriers. The total order amount is approximately 425 billion KRW, and the contract includes options for two additional LNG carriers of the same class, raising expectations for further orders in the future.

The LNG carriers ordered this time measure 299m in length, 46.4m in width, and 26.5m in height. They will be built at Hyundai Heavy Industries in Ulsan and are scheduled to be delivered sequentially starting from the second half of 2022.

Notably, these vessels are equipped with Selective Catalytic Reduction (SCR) systems to significantly reduce nitrogen oxide emissions, and feature the latest technologies such as LNG reliquefaction systems and Air Lubrication systems to enhance economic efficiency.

Clarkson Research, a shipbuilding and shipping market analysis firm, stated in its 'Clarksons Forecast Club' report released at the end of September that 100 LNG carriers are expected to be ordered from this year through next year.

Although global ship orders have slowed this year due to the prolonged COVID-19 pandemic, large-scale projects in Mozambique, Qatar, and other locations are scheduled, increasing the shipbuilding industry's expectations for LNG carrier orders.

A representative from Korea Shipbuilding & Offshore Engineering said, "Orders are being secured across various ship types, including eight LNG carriers this year, based on advanced technology and abundant construction experience," adding, "We will focus our capabilities on securing large-scale projects scheduled in Mozambique, Qatar, and elsewhere to achieve good results."

This content was produced with the assistance of AI translation services.