Korea Shipbuilding & Offshore Engineering Secures Orders for 9 Ships... 3 Trillion Won Worth of Workbooked in a Week

Hyundai Heavy and 3 Shipping Companies Sign 1.3 Trillion Won Shipbuilding Contract
Additional Orders Secured Within a Week After First Order on the 4th

Hyundai Samho Heavy Industries delivered an LNG-powered large container ship to Singapore EPS in September 2020.

[Asia Economy Reporter Choi Dae-yeol] Korea Shipbuilding & Offshore Engineering announced on the 10th that it recently secured orders for 9 ships worth 1.33 trillion KRW from three overseas shipping companies. Following the order of 10 ships last week, the company has secured orders worth 3 trillion KRW before the early days of the new year have even passed.

The newly ordered ships include four 16,000 TEU (1 TEU equals one 20ft container) class dual-fuel large container ships, one 174,000㎥ large liquefied natural gas (LNG) carrier, and four 2,500 TEU class container ships.

The large container ships will be built at Hyundai Heavy Industries in Ulsan and delivered sequentially by the first half of 2025. Equipped with dual-fuel engines, they can use both eco-friendly fuels and diesel. The LNG carrier will be constructed at Hyundai Samho Heavy Industries and delivered to the shipowner by the first half of 2025. The smaller container ships will be built at Hyundai Mipo Dockyard and delivered sequentially by the second half of 2023.

On the 4th, the company secured orders for 10 ships, including six 15,000 TEU class LNG-powered large container ships, as its first new year orders. Including the newly secured orders, the company has received orders worth about 3 trillion KRW within a week. The industry expects global ship orders to slightly decrease compared to last year, but orders for eco-friendly ships are expected to increase along with rising freight rates.

A Korea Shipbuilding & Offshore Engineering official said, "Inquiries for eco-friendly ship orders have continued since the beginning of the year," adding, "We will focus our capabilities on advancing technology to maximize our strengths."