Korea Shipbuilding & Offshore Engineering Wins 427 Billion KRW Order for 3 LNG-Powered Container Ships

Hyundai Samho Heavy Industries Builds

Asian Shipping Company
Contracts to Build 3 Medium-Sized Container Ships
Equipped with LNG Propulsion Engines

Container Cargo Volume Expected to Grow 4% This Year
Medium-Sized Container Ship Market Also Forecast to Expand

A sea trial of a 11,700 TEU-class container ship built by Hyundai Heavy Industries. Photo by Hyundai Heavy Industries

Korea Shipbuilding & Offshore Engineering, the intermediate holding company for shipbuilding under Hyundai Heavy Industries Group, has secured orders for three LNG-powered vessels worth 427 billion KRW.

On the 28th, Korea Shipbuilding & Offshore Engineering announced that it had signed a construction contract for three medium-sized container ships of 7,900 TEU (1 TEU equals one 6-meter-long container) with a shipping company based in Asia.

The 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 shipowner from the second half of 2024. Equipped with LNG dual-fuel propulsion engines, they comply with the strengthened environmental regulations of the International Maritime Organization (IMO).

According to Clarkson Research, a shipbuilding and shipping analysis firm, the maritime container throughput this year is estimated to reach 214.01 million TEU, an increase of about 4% compared to last year's 206.14 million TEU. Along with the increase in throughput, demand for medium-sized container ships deployed on regional short-distance routes is also rising.

A Korea Shipbuilding & Offshore Engineering official said, "In line with the global increase in maritime throughput and the trend of strengthening environmental regulations, inquiries about eco-friendly container ships are continuing," adding, "We will further expand our eco-friendly vessel portfolio across various ship types."

Korea Shipbuilding & Offshore Engineering has so far secured a total of 85 LNG-powered vessels (excluding LNG carriers), the highest number worldwide. It has been leading the market in this field by delivering the world's first LNG-powered large oil tanker in July 2018 and the world's first LNG-powered large container ship in September 2020.

Meanwhile, Korea Shipbuilding & Offshore Engineering recently secured an order for six feeder container ships worth approximately 270 billion KRW from a shipping company based in Central America. These feeder container ships will be built at Hyundai Mipo Dockyard in Ulsan and are scheduled to be delivered sequentially to the shipowner from the second half of 2023.

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