'Early Year Order Rally' Korea Shipbuilding & Offshore Engineering Secures 9 Vessels Including LNG Carriers Worth 1.5 Trillion Won

Contract Signed with European and Latin American Shipping Companies for 3 LNG Carriers and 6 Container Ships

Built by Hyundai Heavy Industries Ulsan
Sequential Delivery by 2025
LNG Maritime Cargo Volume
Projected 4.5% Increase Year-on-Year

Korea Shipbuilding & Offshore Engineering
"Leading the Market through Technological Advancement"

Sea trial of an 180,000㎥ class LNG carrier built by Hyundai Heavy Industries. Photo by Hyundai Heavy Industries

[Asia Economy Reporter Donghoon Jeong] Korea Shipbuilding & Offshore Engineering, the intermediate holding company for shipbuilding under Hyundai Heavy Industries Group, continues its order rally at the beginning of the year. This time, it succeeded in securing orders worth a total of 1.56 trillion KRW for 9 vessels.

Korea Shipbuilding & Offshore Engineering announced on the 3rd that it recently signed construction contracts with shipping companies based in Europe and Latin America for three large liquefied natural gas (LNG) carriers of 200,000㎥ class and six large container ships of 8,000 TEU class (1 TEU equals one 6-meter container).

The LNG carriers ordered this time measure 299.8m in length, 48.9m in width, and 26.9m in height, and will be built at Hyundai Heavy Industries in Ulsan and delivered sequentially to the shipowners by the second half of 2025. These vessels will also apply LNG reliquefaction technology to maximize economic efficiency.

Additionally, the container ships will be constructed at Hyundai Heavy Industries in Ulsan and delivered to the shipowners by the second half of 2024.

According to Clarkson Research, a shipbuilding and shipping market analysis firm, the global maritime LNG cargo volume this year is expected to reach 398.32 million tons, a 4.5% increase from 381.05 million tons last year.

A representative from Korea Shipbuilding & Offshore Engineering stated, "As environmental regulations are strengthened worldwide and demand for LNG, an eco-friendly fuel, increases, inquiries about LNG carriers continue. We will lead this sector through technological advancement of eco-friendly vessels."

Korea Shipbuilding & Offshore Engineering has secured a total of 48 vessels worth approximately 7.1826 trillion KRW this year, achieving 31% of its annual order target of about 23 trillion KRW.

Korea Shipbuilding & Offshore Engineering currently holds orders for the largest total of 85 LNG-powered vessels (excluding LNG carriers) worldwide, and in 2018 and 2020, respectively, it delivered the world's first large LNG-powered oil tanker and large LNG-powered container ship.

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