Korea Shipbuilding & Offshore Engineering Wins Order for 8 Ships Including LNG-Powered Vessels Worth 525 Billion KRW

Contract Signed for Construction of 4 LNG-Powered Container Ships and 4 PC Ships
Includes Option for 2 Additional Container Ships, Further Orders Anticipated

Sea trial of an 1800 TEU container ship built by Hyundai Mipo Dockyard. Photo by Korea Shipbuilding & Offshore Engineering

[Asia Economy Reporter Choi Seoyun] Korea Shipbuilding & Offshore Engineering, the intermediate holding company for shipbuilding under Hyundai Heavy Industries Group, has succeeded in securing orders for eight vessels worth a total of 525 billion KRW.

On the 19th, Korea Shipbuilding & Offshore Engineering announced that it recently signed construction contracts with two African shipping companies for four 1400 TEU liquefied natural gas (LNG)-powered container ships and four 50,000-ton Product Carrier (PC) vessels. The container ship contract includes options for two additional vessels, raising expectations for further orders.

The container ships ordered this time measure 170 meters in length, 27.6 meters in width, and 15 meters in height. They will be built at Hyundai Mipo Dockyard in Ulsan and are scheduled to be delivered sequentially to the shipowners starting in the first half of 2025. These vessels will be equipped with LNG dual-fuel propulsion engines, meeting the enhanced environmental regulations of the International Maritime Organization (IMO).

The PC vessels measure 183 meters in length, 32.2 meters in width, and 19.1 meters in height. They will be constructed at Hyundai Vietnam Shipbuilding and are expected to be delivered to the shipowners by the second half of 2025.

Container ships are considered the vessel type most affected by the IMO environmental regulations set to take effect in 2023. According to Clarkson Research, a shipbuilding and shipping market analysis firm, 58% of container ships ordered worldwide this year use dual-fuel propulsion, with LNG fuel accounting for the largest share.

A Korea Shipbuilding & Offshore Engineering official stated, “We are receiving numerous inquiries across various vessel types, including container ships and PC vessels. Based on our extensive construction experience and advanced technology, we will build high-quality ships to enhance customer satisfaction.”

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