Korea Shipbuilding & Offshore Engineering (KSOE), the intermediate holding company for Hyundai Heavy Industries (HHI) Group`s shipbuilders, said Monday it has received 1.33 trillion won ($1.1 billion) worth of container ship orders, off to a strong start to meet annual target of $17.4 billion.

The three separate orders from shippers in Europe and Latin America are for four 16,000 twenty-foot equivalent unit (TEU) container vessels, four 2,500-TEU container ships and one 174,000 cubic meter liquefied natural gas (LNG) carrier, the company said in a statement.

The 16,000 TEU container ships will be built at Hyundai Heavy Industries in Ulsan and delivered to the unidentified clients by the first half of 2025.

The LNG ship will be built at Hyundai Samho Heavy Industries in Jeonnam and delivered by the first half of 2025.

TEU 2,500 TEU container ships will be built at Hyundai Mipo Dockyard in Ulsan and delivered by the second half of 2023.

These ships will be equipped with dual fuel propulsion engines that can use both eco-friendly fuel and diesel.

Clarkson Research predicted that this year`s global ship orders will reach 36 million CGTs, slightly lower than last year, but orders for eco-friendly ships such as LNG carriers will increase, with prices for vessels remaining strong.

Source: Pulse