Korea Shipbuilding & Offshore Engineering Wins Order for 7 LNG Carriers Worth 1.9628 Trillion KRW

Contract Signed for Construction of 7 Asian Prehistoric and LNG Ships, Delivery in 2026

A sea trial of a 174,000 cubic meter (㎥) class LNG carrier built by Hyundai Heavy Industries. Photo by Korea Shipbuilding & Offshore Engineering

[Asia Economy Reporter Donghoon Jeong] Korea Shipbuilding & Offshore Engineering, the intermediate holding company for shipbuilding under Hyundai Heavy Industries Group, has succeeded in securing an order for seven large LNG (liquefied natural gas) carriers worth a total of 1.9628 trillion KRW.

Korea Shipbuilding & Offshore Engineering announced on the 10th that it had signed a construction contract for seven 174,000㎥ class LNG carriers with an Asia-based shipping company.

The LNG carriers ordered this time are 299 meters long, 45.4 meters wide, and 26.5 meters high, and will be built at Hyundai Heavy Industries in Ulsan and delivered sequentially to the shipowner by the second half of 2026.

Korea Shipbuilding & Offshore Engineering has secured a total of 41 LNG carriers worldwide this year, solidifying its position as a market leader in this sector. Previously, it recorded the number one market share in LNG carriers by securing 21 vessels in 2020 and 26 vessels last year.

The Export-Import Bank of Korea predicted that global LNG trade volume will increase by an average of 4.3% annually until 2035, based on the 'New Momentum' scenario recently announced by multinational energy company BP. It also forecasted that global LNG carrier orders will maintain a favorable level until 2030.

A representative from Korea Shipbuilding & Offshore Engineering said, "The steady demand for LNG carriers since last year has led to numerous newbuilding inquiries this year, driven by increased LNG demand amid the global energy crisis." He added, "Along with LNG, we will lead the eco-friendly ship market through the development of various alternative fuel technologies such as methanol and ammonia."

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