Daewoo Shipbuilding & Marine Engineering Secures Additional Order for One LNG Carrier

Achieved Approximately 82.2% of Target with $6.33 Billion Orders This Year

[Asia Economy Reporter Hwang Yoon-joo] Daewoo Shipbuilding & Marine Engineering (DSME) has taken a step closer to achieving its order target by securing an LNG carrier contract.

DSME announced on the 2nd that following the order of one eco-friendly LNG carrier from Hyundai LNG Shipping, a domestic LNG specialist shipping company, at the end of May, it has additionally secured an LNG carrier contract worth 227.8 billion KRW. This vessel will be built at the Okpo Shipyard and is scheduled to be delivered to the shipowner by the first half of 2024.

The newly ordered LNG carrier is a large 174,000㎥ class vessel equipped with DSME’s renowned natural gas propulsion engine (ME-GI) and reliquefaction system, which improves fuel efficiency and reduces pollutant emissions compared to existing LNG carriers. LNG carriers fitted with the ME-GI engine significantly reduce atmospheric methane slip, the main cause of greenhouse gases, making them eco-friendly vessels that comply with strengthened greenhouse gas emission regulations.

DSME has so far secured a total of 57 ME-GI engine LNG carriers, proving its world-class technology and competitiveness in this field.

In particular, Hyundai LNG Shipping, the nation’s top LNG specialist shipping company, has maintained a strong trust relationship with DSME by ordering four vessels this year alone, including two large LNG carriers and two ultra-large dual-fuel LPG carriers, including this recent contract.

A DSME official stated, "In the second half of the year, orders for large LNG projects such as Qatar are expected, so we anticipate additional LNG carrier orders."

This year, DSME has secured a total of 41 vessels and offshore plants worth approximately 6.33 billion USD, including 16 container ships, 11 ultra-large crude oil carriers, 9 ultra-large LPG carriers, 2 LNG carriers, 1 WTIV, and 2 offshore plants, achieving about 82.2% of this year’s target of 7.7 billion USD.