KOSCO Wins Order for Four 50,000-ton LNG-Powered Ships from Middle Eastern Shipping Company

Jang Yoon-geun, CEO of K-Chosun (right), is taking a commemorative photo with Gunter Alvarado Al Sear Marine Chief Operating Officer (COO) on the 11th.

[Asia Economy Reporter Oh Hyung-gil] K Shipbuilding (formerly STX Shipbuilding) announced on the 15th that it has signed a contract to build four 50,000-ton LNG-fueled vessels for transporting petrochemical products with a Middle Eastern shipping company.

These eco-friendly ships comply with the International Maritime Organization (IMO) environmental regulations (EEDI) that will be strengthened starting in 2025. They will be built at the Jinhae shipyard and are scheduled to be delivered sequentially from the second half of 2024.

The shipowner, Al Sier Marine, is a subsidiary of Abu Dhabi International Holdings in the United Arab Emirates (UAE), listed on the Abu Dhabi Securities Exchange (ADX), and has been rapidly expanding its operating fleet recently.

A K Shipbuilding official stated, "As a shipyard competitive in building medium-sized petroleum product carriers, we continuously sign newbuilding contracts based on our extensive construction experience and delivery performance in the tanker sector. Currently, our order backlog stands at 28 vessels, which corresponds to the volume through 2024."

K-Chosun 50,000-ton Tanker

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