K-Cosun Secures Order for Four 50,000t MR Tankers... Driving Force for Business Normalization
Successful Order of 4 Eco-Friendly Medium-Sized Tankers from Middle Eastern Shipowner
[Asia Economy Yeongnam Reporting Headquarters, Reporter Song Jong-gu] K Shipbuilding, which paved the way for a resurgence through investment attraction last year, announced on the 15th that it signed a shipbuilding contract on the 11th with a Middle East-based shipping company for four 50,000-ton petrochemical product carriers.
The contracted vessels are LNG fuel propulsion Ready and Scrubber Ready ships, eco-friendly vessels that meet the International Maritime Organization (IMO) environmental regulation EEDI (Energy Efficiency Design Index) Phase 3 standard, which will be further strengthened from 2025. They will be built at the Jinhae Shipyard and are scheduled to be delivered sequentially starting in the second half of 2024.
The contract price was not disclosed, but it is believed that the contract was made reflecting the recent rising trend in freight rates and newbuilding prices for similar vessel types, the recovery of the shipbuilding market, and the increase in steel prices.
The shipowner, Al Seer Marine, is a subsidiary of International Holding Company based in Abu Dhabi, UAE, listed on the Abu Dhabi Securities Exchange (ADX), and is rapidly expanding its operating fleet. With this contract with K Shipbuilding, the existing fleet will include petrochemical product carriers, securing a position in the tanker market expected to recover in the future, and strategic collaboration between the two companies is expected to continue.
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A K Shipbuilding official stated, “As a shipyard competitive in building medium-sized petroleum product carriers, we continue to sign newbuilding contracts based on our abundant construction experience and delivery performance in the tanker sector. Currently, our order backlog stands at 28 vessels, which covers orders through 2024. Based on these order results, we will continue to carry out business normalization.”
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