Korea Shipbuilding & Offshore Engineering Secures Order for 7 LNG Carriers Worth 1.5 Trillion Won

Liquefied Natural Gas (LNG) Carrier. Photo by Korea Shipbuilding & Offshore Engineering

[Asia Economy Reporter Choi Dae-yeol] Hyundai Heavy Industries Group's shipbuilding holding company, Korea Shipbuilding & Offshore Engineering, announced on the 23rd that it has signed a contract to build seven liquefied natural gas (LNG) carriers. This is a large-scale order worth over 1.5 trillion KRW.

According to the company's announcement on the same day, the contract with shipping companies from Asia, Europe, and Liberia amounts to a total of 1.5614 trillion KRW. LNG carriers require advanced technology during the construction process and are considered a representative high value-added ship type. Under this contract, three vessels will be built at Hyundai Heavy Industries in Ulsan, and four vessels at Hyundai Samho Heavy Industries in Yeongam, Jeollanam-do.

Korea Shipbuilding & Offshore Engineering plans to sequentially deliver these vessels to the shipowners from the first half of 2024 through the first half of 2025. So far, the company has secured orders for 178 vessels (including 2 offshore units) worth 16.8 billion USD, achieving 113% of its annual target of 14.9 billion USD.