HD Hyundai Heavy Industries has once again demonstrated its shipbuilding technology and on-time delivery capabilities in Qatar’s mega project, led by the world’s largest exporter of liquefied natural gas, or LNG.
According to the shipbuilding industry on July 21, HD Hyundai Heavy Industries held a naming ceremony for QatarEnergy’s 174,000-cubic-meter LNG carrier ‘HALWAN’ at its Ulsan shipyard on July 14. The vessel is the ninth in a series of 12 ships ordered in 2022 by a multinational consortium involving Japan’s Kawasaki Kisen Kaisha, or K Line, and China LNG Shipping, or CLNG.
‘HALWAN’ measures 299 meters in length and 46.4 meters in width, and is equipped with the next-generation dual-fuel engine ‘X-DF 2.1 iCER,’ which uses low-pressure gas. The engine is designed to dramatically reduce greenhouse gas emissions and fuel consumption during operations. The vessel also features an air lubrication system that injects air bubbles beneath the hull to reduce frictional resistance, maximizing sailing efficiency.
HD Hyundai Heavy Industries has been recognized for faithfully carrying out its contracts by delivering newly built vessels for the Qatar LNG project on schedule. Following the naming ceremonies for ‘SHARQ’ and ‘SHARAU’ in December last year, the company has now successfully completed ‘HALWAN’ as well, helping accelerate QatarEnergy’s fleet expansion plan.
The project is being carried out as part of Qatar’s program to secure a total of 128 LNG carriers. Industry sources expect the final number of orders to expand to around 200 vessels in line with Qatar’s plan to boost production at the North Field gas field. HD Hyundai Heavy Industries already set a record last year for the largest single contract by signing a second main agreement with QatarEnergy for 17 ships worth about 5.2 trillion won ($3.77 billion).
South Korea’s shipbuilding industry is strengthening its strategy of selectively taking orders with a focus on profitability, backed by large-scale demand from Qatar. HD Korea Shipbuilding & Offshore Engineering has posted steep growth this year, including achieving its LNG carrier order target early. With rising LNG shipping demand driven by geopolitical risks in the Middle East and tighter environmental regulations, demand for LNG carriers, a high-margin vessel segment, is expected to continue for the time being.
Source: Businesskorea