KSOE and SHI Win Orders for LNG Carriers


Korea Shipbuilding & Offshore Engineering (KSOE), the shipbuilding holding company of Hyundai Heavy Industries Group, announced that it has signed a contract with an Asian shipping company to build four large liquefied natural gas (LNG) carriers. Samsung Heavy Industries (SHI) also announced on the day that it has won an order for three LNG carriers from a shipping company in Africa.

The four vessels won by KSOE are 174,000 cubic meters each. Hyundai Heavy Industries and Hyundai Samho Heavy Industries will each build two of them for delivery from the first half of 2025. The total order value is 1,168.2 trillion won. KSOE explained that the latest contract boosted its order intake for this year to 95 ships worth US$11.18 billion, which amounts to 64.1 percent of its annual order goal of US$17.44 billion.

SHI will build three LNG carriers worth 862.3 billion won for an African client. The vessels will feature a membrane type cargo hold and gas engines (X-DF). The shipbuilder said that it will deliver them sequentially by January 2026.

SHI has thus far won 17 ships worth US$2.9 billion, attaining 33 percent of its annual order intake target of US$8.8 billion.

“In 2022, we are focusing on profitable projects, with high value-added eco-friendly ships that can use LNG as a fuel accounting for 71 percent of our total orders (12 ships worth US$2.2 billion),” a company official said.

Source: Business Korea