Korea Shipbuilding Wins 2.87tln-Won Order for 10 LNG Carriers

Source: www.gulfoilandgas.com 7/7/2022, Location: Asia

Korea Shipbuilding & Offshore Engineering Co. (KSOE) has clinched a combined 2.87 trillion-won (US$2.2 billion) order to build 10 liquefied natural gas (LNG) carriers for European and Oceanian shippers, nearly achieving its yearly order target.

Hyundai Heavy Industries Co., a KSOE affiliate, will construct eight 174,000-cubic-meter LNG vessels for the undisclosed European shipping company at its shipyard in the southeastern port of Ulsan, KSOE said in a regulatory filing.

Hyundai Samho Heavy Industries Co., another KSOE unit, will build the remaining two LNG ships of the same size for the unnamed Oceanian shipper in its plant in Yeongam on the southwest coast.

The LNG carriers will be delivered to the shipping lines in stages by the second half of 2026, said KSOE, a subholding company of global shipbuilding titan Hyundai Heavy Industries Holdings.

KSOE didn't say who placed the orders, but industry sources said they may be related to a mega deal that KSOE and two other Korean shipbuilders, Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co., signed with Qatar Energy, Qatar's state-owned oil and gas company, to build more than 100 LNG vessels through 2027.

The contract is in line with Qatar's plan to boost its LNG production capacity to 126 million tons by 2027 from the current 77 million tons. Qatar is the world's top LNG producer.

So far this year, KSOE has clinched orders to construct 137 ships worth $17.34 billion, achieving 99.4 percent of its yearly order target of $17.44 billion.

In particular, KSOE has obtained orders to build 34 LNG carriers this year, the largest among global shipbuilders.

Industry watchers expect KSOE will be able to attain its yearly order target as early as next week. Last year, it accomplished its full-year target in July thanks to improved market conditions.

KSOE has three shipbuilding affiliates -- Hyundai Heavy Industries, Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries -- under its wing.

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