Korea Shipbuilding & Offshore Engineering Shows Strong Finish in LNG Ship Orders... Secures 2 New Contracts

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[Asia Economy Reporter Hwang Yoon-joo] Korea Shipbuilding & Offshore Engineering, a subsidiary of Hyundai Heavy Industries Group, has secured additional orders for LNG carriers. Following the first four LNG carrier orders in the domestic shipbuilding industry this year in July, the company has recently signed contracts for two more vessels this month, demonstrating strong momentum.

Korea Shipbuilding & Offshore Engineering announced on the 12th that it had signed a construction contract with the domestic shipping company Daehan Shipping for two LNG carriers worth a total of 440 billion KRW.

The newly ordered vessels are 174,000㎥ class and will be built at Hyundai Heavy Industries in Ulsan, scheduled for delivery to the shipowner in the second half of 2023. They will then be chartered by the global energy company Shell.

Previously, on the 30th of last month, Korea Shipbuilding & Offshore Engineering signed construction contracts for four LNG carriers with two overseas shipowners. This was the first LNG carrier order for the Korean shipbuilding industry this year.

The newly ordered vessels are equipped with dual-fuel propulsion engines (X-DF) and selective catalytic reduction (SCR) systems to reduce nitrogen oxide emissions, thereby lowering greenhouse gas emissions. Additionally, they feature air lubrication systems and LNG reliquefaction technology, enhancing economic efficiency.

A representative from Korea Shipbuilding & Offshore Engineering stated, "It is significant that we continue to secure high value-added ship orders despite the global ship market downturn. We are conducting various discussions related to LNG carriers and will do our best to secure additional orders in the future."

Meanwhile, Korea Shipbuilding & Offshore Engineering has secured a total of 13 vessels worth 1.42 billion USD in the second half of this year alone, including six LNG carriers, six PC vessels, and one passenger ship (RO-PAX).

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