Korea Shipbuilding & Offshore Engineering Secures Order for 8 Ships Worth 823 Billion KRW

[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 10 vessels worth a total of 823 billion KRW.

Korea Shipbuilding & Offshore Engineering recently announced on the 15th that it signed construction contracts for four 300,000-ton Very Large Crude Carriers (VLCCs), three 91,000 cubic meter (㎥) Very Large LPG Carriers, one 40,000 cubic meter (㎥) Medium LPG Carrier, and two 50,000-ton PC vessels with four overseas shipping companies located in Europe, Africa, and Oceania. The contracts for the Very Large and Medium LPG carriers include options, raising expectations for additional orders in the future.

The newly ordered Very Large Crude Carriers and Very Large LPG carriers will be built at Hyundai Heavy Industries in Ulsan and Hyundai Samho Heavy Industries in Yeongam, Jeollanam-do, and are scheduled to be delivered sequentially to the shipowners starting from the second half of 2022.

The Medium LPG carrier and PC vessels will be constructed at Hyundai Mipo Dockyard in Ulsan and Hyundai Vietnam Shipbuilding, respectively, and are expected to be delivered sequentially to the shipowners starting from the first half of 2023 and the second half of 2022.

Additionally, the Very Large Crude Carriers will be equipped with scrubbers, an exhaust gas reduction device, to comply with the strengthened sulfur oxide emission regulations of the International Maritime Organization (IMO). The Very Large and Medium LPG carriers will be fitted with LPG dual-fuel propulsion engines.

Meanwhile, according to Clarkson Research, a shipbuilding and shipping market analysis firm, 23 Very Large Crude Carriers and 23 LPG carriers were ordered worldwide this year. Korea Shipbuilding & Offshore Engineering secured orders for 9 Very Large Crude Carriers and 15 LPG carriers this year, capturing approximately 40% and 65% of the total orders, respectively, leading the related markets.

A representative from Korea Shipbuilding & Offshore Engineering stated, "With expectations that global environmental policies will be strengthened, demand for LPG and LNG carriers is increasing, and inquiries for Very Large Crude Carriers continue due to rising international oil prices. We will further enhance our order-winning capabilities based on our advanced technology."

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