Korea Shipbuilding & Offshore Engineering Secures Order for Ultra-Large Crude Oil Carrier Worth 200 Billion KRW
Contract Signed with European Shipping Company, Construction at Ulsan Hyundai Heavy Industries
[Asia Economy Reporter Hwang Yoon-joo] Korea Shipbuilding & Offshore Engineering, the intermediate holding company for shipbuilding under Hyundai Heavy Industries Group, has succeeded in securing orders for two ultra-large crude oil carriers.
Korea Shipbuilding & Offshore Engineering announced on the 9th that it recently signed a construction contract with a European shipping company for two ultra-large crude oil carriers (VLCC) of 300,000 tons each, worth 200 billion KRW.
The vessels ordered this time measure 330 meters in length, 60 meters in width, and 29.7 meters in height. They are equipped with scrubbers, an exhaust gas reduction device, to comply with environmental regulations. The ships will be built at Hyundai Heavy Industries' Ulsan headquarters and are scheduled to be delivered sequentially to the shipowner starting from June 2022.
This year, Korea Shipbuilding & Offshore Engineering has secured orders for 11 ultra-large crude oil carriers, capturing a 55% share of the global market. In particular, since September alone, it has consecutively signed contracts for a total of eight vessels, accelerating orders for ultra-large crude oil carriers despite the market slowdown following the outbreak of COVID-19.
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A representative from Korea Shipbuilding & Offshore Engineering stated, "We were able to succeed in this order based on our experience and technology in building over 270 ultra-large crude oil carriers and the long-standing trust relationship with the shipowner." He added, "As inquiries for orders across various ship types, including ultra-large crude oil carriers, are increasing, we will make every effort to secure additional orders by the end of the year."
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