Korea Shipbuilding & Offshore Engineering Wins Order for Two Crude Oil Tankers Worth 153 Billion KRW

Signing of Dry Docking Contract with Angola Pre-Sailer, Delivery in 2023 at Hyundai Samho 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 large crude oil tankers.

Korea Shipbuilding & Offshore Engineering announced on the 23rd that it recently signed a construction contract with Sonangol, the Angolan state-owned oil company, for two large crude oil tankers of 158,000 tons (Suezmax class) worth a total of 153 billion KRW.

The newly ordered vessels measure 274 meters in length, 48 meters in width, and 23.2 meters in height, and are equipped with Selective Catalytic Reduction (SCR) systems to reduce nitrogen oxide emissions, complying with environmental regulations. These ships will be built at Hyundai Samho Heavy Industries and are scheduled to be delivered sequentially to the shipowner starting from the first half of 2023.

According to Clarkson Research, a shipbuilding and shipping market analysis firm, the global maritime crude oil volume recorded 1.851 billion tons in 2020 and is expected to increase by about 4% annually, reaching 1.915 billion tons in 2021 and 1.992 billion tons in 2022.

A representative from Korea Shipbuilding & Offshore Engineering stated, "With the recovery of market conditions driven by rising international oil prices and increased cargo volumes, inquiries across various ship types are continuing," adding, "We will lead the market based on our advanced technology and quality."

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