Korea Shipbuilding & Offshore Engineering Secures Order for Two Ultra-Large Crude Oil Carriers Worth 200 Billion KRW

[Asia Economy Reporter Park Soyeon] Korea Shipbuilding & Offshore Engineering, the shipbuilding holding company of Hyundai Heavy Industries Group, announced on the 12th that it has secured an order worth 200 billion KRW for two 300,000-ton class Very Large Crude Carriers (VLCC) from a European shipping company.

Korea Shipbuilding & Offshore Engineering has signed a total of 11 construction contracts worth 1.3 trillion KRW within a week since its first order this year on the 5th, including six ultra-large container ships, one liquefied natural gas (LNG) carrier, one liquefied petroleum gas (LPG) carrier, one petrochemical carrier (PC ship), and two VLCCs.

The newly ordered vessels measure 330m in length, 60m in width, and 29.7m in height, and are equipped with scrubbers as emission reduction devices.

The ships will be built at Hyundai Heavy Industries in Ulsan and delivered to the shipowners starting from the first half of 2022.

Clarkson Research, a British shipbuilding and shipping analysis firm, forecasted in its 'Clarkson Forecast Club' report released last year that an average of 43 VLCCs will be ordered annually from this year through 2025.

Korea Shipbuilding & Offshore Engineering secured 27 out of the total 41 VLCC orders worldwide last year, accounting for 65% of the market.

A representative from Korea Shipbuilding & Offshore Engineering said, "With orders continuing across various ship types from the beginning of the year, we expect a recovery in the previously sluggish global order market."

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