Korea Shipbuilding & Offshore Engineering Secures 4 Ultra-Large LPG Carriers Worth 365 Billion KRW

A very large LPG carrier built by Hyundai Heavy Industries and delivered in 2016. Photo by Hyundai Heavy Industries Group

[Asia Economy Reporter Choi Dae-yeol] Hyundai Heavy Industries Group's shipbuilding intermediate holding company Korea Shipbuilding & Offshore Engineering announced on the 29th that it has signed a contract to build four ultra-large liquefied petroleum gas (LPG) carriers for 365 billion KRW.

The order was placed by a shipping company based in Asia and Liberia to build ultra-large LPG carriers with a capacity of 86,000㎥. The vessels, measuring 230m in length, 32.25m in width, and 23.75m in height, will be constructed at Hyundai Samho Heavy Industries and delivered sequentially starting from 2023.

The company explained that the newly ordered ships are equipped with LPG dual-fuel propulsion engines, enabling compliance with the International Maritime Organization (IMO)'s strengthened sulfur oxide emission regulations without the need for scrubbers, which are exhaust gas reduction devices. According to Clarkson Research, a shipbuilding and shipping market analysis firm, the demand for LPG transportation between North America, Australia, and Asia is increasing, and global LPG ship orders are expected to rise by about 9% from last year to 48 vessels this year, and further increase to 58 vessels next year.

A representative from Korea Shipbuilding & Offshore Engineering stated, "As COVID-19 vaccine distribution accelerates and expectations for economic recovery grow, inquiries are continuing across various ship types."

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