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    Korea Shipbuilding wins 1.96 tln-won order for 7 LNG carriers

    August 11, 2022 - Korea News Gazette


      SEOUL-- Korea Shipbuilding ; Offshore Engineering Co. (KSOE) said Wednesday it has bagged a 1.96 trillion-won (US$1.5 billion) order to build seven liquefied natural gas (LNG) carriers for an Asian shipper.

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

      The LNG carriers will be delivered to the undisclosed shipping firm in stages by the second half of 2026, said KSOE, a subholding company of the shipbuilding, oil refining and machinery conglomerate HD Hyundai, formerly 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, in 2020 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.

      KSOE has clinched orders to build 41 LNG carriers this year, the largest among global shipyards.

      So far this year, KSOE has obtained orders to construct 161 ships worth $19.29 billion, or 110.6 percent of its yearly order target of $17.44 billion.

      Source: Yonhap News Agency


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