Daewoo Shipbuilding & Marine Engineering Wins Order for One LNG Carrier... $10 Billion in Orders for Two Consecutive Years

$10.4 Billion Orders Secured So Far This Year
Achieving Approximately 117% of Target

The navigation scene of an LNG carrier equipped with Daewoo Shipbuilding & Marine Engineering's latest technologies: shaft generator and air lubrication system. Photo by Daewoo Shipbuilding & Marine Engineering

[Asia Economy Reporter Jeong Dong-hoon] Daewoo Shipbuilding & Marine Engineering (DSME) has surpassed $10 billion in orders (approximately 27.698 trillion KRW) for two consecutive years.

On the 8th, DSME announced that it had secured an order worth 350.9 billion KRW for one LNG (liquefied natural gas) carrier from Maran Gas, a subsidiary of Angelicoussis Group, the largest shipping company in Greece. This vessel will be built at the Okpo Shipyard and is scheduled to be delivered to the shipowner in the second half of 2026.

The LNG carrier ordered this time is a large 174,000㎥ class LNG carrier equipped with DSME’s proud high-pressure dual-fuel propulsion engine (ME-GI) and a more advanced reliquefaction system. In addition, DSME’s smart energy-saving systems such as the shaft generator motor system (SGM) and air lubrication system (ALS), which enhance fuel efficiency and reduce emissions of carbon dioxide and sulfur oxides, have been extensively applied as representative eco-friendly new technologies.

Last month, DSME received a special donation of $2 million from Angelicoussis Group in the name of the late Greek shipping magnate John Angelicoussis, who passed away last year, as a token of appreciation for the efforts of its employees. Following this, by securing an additional LNG carrier order, the deep trust between the two companies was once again solidified. Since their first contract in 1994, Angelicoussis Group has ordered a total of 119 vessels from DSME, which is the world’s highest record for the number of vessels ordered between a single shipping company and a single shipbuilder.

A DSME official said, "This year, we secured orders for 38 LNG carriers, surpassing the previous record of 37 vessels in 2014, setting the highest number of LNG carriers ordered in a single year since the company’s founding," adding, "We will do our best to secure additional work based on our overwhelming technological capabilities."

So far, DSME has secured a total of 46 vessels/units worth about $10.4 billion, including 38 LNG carriers, 6 container ships, 1 offshore plant, and 1 repair and maintenance vessel, achieving about 117% of its target of $8.9 billion.

Meanwhile, DSME had previously secured over $10 billion in orders for three consecutive years from 2006 to 2008 and for five consecutive years from 2010 to 2014.

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