Daewoo Shipbuilding Wins Order for One LNG Carrier from Hyundai LNG Shipping

Among the 26 vessels ordered this year, over 80% (21 vessels) are dual-fuel propulsion ships

[Asia Economy Reporter Hwang Yoon-joo] Daewoo Shipbuilding & Marine Engineering (DSME) has upheld its pride as a leading builder of LNG carriers by securing an order for a large LNG carrier.

DSME announced on the 31st that it had received an order worth approximately 216.9 billion KRW for one large LNG carrier from Hyundai LNG Shipping, a domestic LNG-specialized shipping company. The vessel will be constructed at the Okpo Shipyard and is scheduled to be delivered to the shipowner by the fourth quarter of 2023.

The LNG carrier ordered this time is a large 174,000㎥ class vessel equipped with DSME’s renowned natural gas propulsion engine (ME-GI) and reliquefaction system, which improves fuel efficiency and reduces pollutant emissions compared to existing LNG carriers. Notably, Hyundai LNG Shipping is reported to be satisfied with the fuel efficiency and performance of the two natural gas propulsion LNG carriers delivered by DSME in 2017.

This contract highlights the deep trust between the two companies. Hyundai LNG Shipping, the nation’s top LNG-specialized shipping company, placed an order for two large dual-fuel LPG carriers in early April and, just over a month later, ordered a large LNG carrier from DSME. Furthermore, the two companies have maintained their trust by jointly conducting research on smart ship technology development as well as shipbuilding.

A DSME official stated, "To repay the shipowner’s deep trust, we will build the highest quality vessel and deliver it on time." He added, "With large LNG projects expected to be ordered from Qatar and others in the second half of the year, DSME anticipates additional LNG carrier orders starting with this contract."

A Hyundai LNG Shipping representative said, "This vessel will be deployed under a long-term charter contract with REPSOL, a major Spanish energy company, marking a significant milestone as our first contract with a European shipper." He added, "Based on this, we plan to expand our business into the European market."

Earlier this year, DSME secured orders for a total of 26 vessels worth approximately 2.74 billion USD, including 11 ultra-large crude carriers, 9 ultra-large LPG carriers, 4 container ships, 1 LNG carrier, and 1 WTIV, achieving about 35.6% of its annual target of 7.7 billion USD.

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