Korea Shipbuilding & Offshore Engineering Secures Orders Worth 511 Billion KRW for 5 Vessels Including LNG-Powered Container Ships

Sea trial of a 11,700 TEU container ship built by Hyundai Heavy Industries

[Asia Economy Reporter Choi Dae-yeol] Korea Shipbuilding & Offshore Engineering, a mid-tier holding company of Hyundai Heavy Industries Group, announced on the 17th that it has secured orders for five vessels worth 511 billion KRW.

The vessels ordered this time include three LNG-powered 7,900 TEU (1 TEU equals one 20ft container) class container ships and two 50,000-ton petrochemical product carriers (PC ships). All the shipping companies are located in Asia, with the container ship contract amounting to 418.6 billion KRW and the PC ships to 92.4 billion KRW. The PC ship contract includes options for two additional vessels.

The LNG-powered medium-sized container ships ordered this time will be built at Hyundai Samho Heavy Industries in Yeongam, Jeollanam-do, and are scheduled to be delivered sequentially to the shipowners starting from the first half of 2024. The company explained that the LNG dual-fuel propulsion engines comply with the International Maritime Organization's environmental regulations. The PC ships will be constructed at Hyundai Vietnam Shipbuilding and delivered to the shipowners in the second half of 2023.

According to a report published by the Korea Eximbank Overseas Economic Research Institute, container ships are the vessel type most affected by environmental regulations, and new investments are actively emerging in preparation for the International Maritime Organization's environmental regulations in 2023, the company analyzed. A Korea Shipbuilding & Offshore Engineering official said, "Inquiries have been continuing across various vessel types since the beginning of the year," adding, "We will enhance customer satisfaction by building high-quality ships based on our advanced technology."

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